Don't Get Scammed!

Unfortunately there are many companies that prey on people at one of the most vulnerable times of their life. You are just looking for a solution and hoping that anything is better than nothing. Be carefull! Below are some of the latest scams that unsavory companies are using to bilk homeowners out of their equity and ownership.

A common foreclosure rescue scam has always been "equity stripping." The scammer promises to save the home by taking title, renting it to the owner and selling it back sometime later. Instead, he strips the equity by charging excessive fees, doing phony renovations and not making the mortgage payments.

Sometimes the home owner is fully aware that the title is changing hands, counting on the promise to be able to redeem it later. But other times the scammer tricks the owner. Usually signing over of title is buried in an avalanche of paperwork or in the language of the contracts.

Here are some of the other tactics that scammers are known to use:

Saturation marketing: They learn of mortgage delinquencies through published reports and proceed to bombard the owners with phone calls, flyers and posters.

Isolating owners: Scammers assure victims that they'll handle everything. They tell them not to call their lenders nor seek legal advice.

Outright fraud: Scammers have homeowners sign blank papers and fill them in afterward or they sneak the paperwork through without telling victims what they're signing.

Affinity marketing: Especially among minorities and sometimes evangelical church congregations, a scammer builds trust based on a common ethnicity or religion.

Bottom line: The best thing to do is to call your lender and try to work out a plan. If in doubt, get in touch with your state attorney general's office. It can put you in touch with a Housing and Urban Development-approved free credit counseling service that will advise you of your options.

If you would like to be contacted to sell your home please email us at or call us at 360.850.1123. We are happy to to discuss your situation in depth and help you resolve your mortgage issues.