Page Section Navigation
Go to: Header
Go to: Utility Navigation
Go to: Primary Navigation
Go to: Content
Go to: Footer
 
Blogging for Change Blogging For Change
by sitecore\jhorton on May 23, 2012

Homeowners face real concerns when considering who to turn to for help with mortgage troubles, according to a recent Money Management International (MMI) survey. When asked about concerns regarding available resources and options for mortgage assistance, the majority of survey respondents (53 percent) stated they were concerned about scams and fraudulent services.  Housing scam

According to the Federal Bureau of Investigation (FBI), mortgage fraud is an escalating problem. In fact, it is the fastest-growing white collar crime in the U.S. The FBI estimates annual losses of $4 billion to $6 billion in mortgage-related fraud, and the numbers are expected to increase.

While there are legitimate programs to help ailing homeowners, there are also many scams that capitalize on these programs. The following are tips to help you avoid falling into a foreclosure trap:

  • Talk to your mortgage lender first. If you think you are unable to make a payment, contact your lender right away. They may be able to help you identify options to bring your loan current.
  • Don’t pay upfront fees. Someone asking you to pay an upfront fee in exchange for help should be a red flag that the person or company may not have your best interest at heart.
  • Get promises in writing. Oral agreements relating to your home are usually not legally binding. Protect your rights with a written contract signed by the person making the promise.
  • Make mortgage payments directly to your lender or mortgage servicer. Do not trust anyone else to make your mortgage payments for you.
  • Be careful about transferring your title. Foreclosure scams often require you to sign ownership of your home over to a third party. Never sign over your deed without seeking legal advice first. Understand the terms of the deal you are making. By signing over your deed, you lose rights to your home and any equity.

For the millions of homeowners who still face possible foreclosure, it is important to remember that quality help is available free-of-charge from HUD-certified housing counselors nationwide. If you or someone you know has questions or concerns about their mortgage payment or loan should, contact a housing counselor today to discuss your options. 

View the complete survey results here.

Comment(s)

laTanyia Williams says:
May 06, 2016

Our struggle began in April, 2014 when my husband turned 65. He was already drawing partial SSA, while working part time at his regular job when he suffered his first heart attack. Thankfully, he had short and longterm disability insurance that supplemented his loss of income for the first year. However, when the insurance company, Lincolon Finacial, needed to recertify his disability in March of 2014, his then cardiologist (who had only seen him once since his first surgery in December 2012) sent them a falsified report saying that his current chest pains were not cardiac related, and that he had been walking 3 miles a day. He had actually only been walking during cardiac rehab exercise sessions, and had only gotten up to 3 miles a month. Further, his Primary Care Physician referred him to another Cardiologist who, in April, 2014 found that he had 3 more blockages that were there when the first surgery was performed in Dec, 2012. Another by-pass surgery was scheduled for April, 2014, the same month the insurance income was terminated (around $980 per month) and the Medicare insurance premiums began to be deducted. Our household income was abruptly reduced by a little more than $1,000 a month, but the bills remained the same. We applied for a Modification at that time, but to no avail. I managed by extending credit card debt, but did not pursue modification because we had already lost one home doing so. We got no less than 5 offers from law firms to guarantee a lowered interest rate, but only after we skipped paying our mortgage 4 months so we could pay them to help us. After what we had already gone through, the last thing we wanted to do was get behind on our mortgage payments with no written guarantee,. Please don't say that is what you'll do. What we need is an interest rate lower than the 7.375% than we pay now.



Mary says:
June 04, 2014

I am severly behind on my mortgage and need help to get back on track....I don't want to lose my home. Please let me know where or who I need to call to get help.



RACHEL FERNANDEZ HENRY says:
February 20, 2013

I AM SEVERELY BEHIND ON MY MORTGAGE PAYMENTS. ALSO I AM STRUGGLING TO PAY ANY OF MY BILLS AT THIS POINT. I NEED ADVICE AS TO WHAT IS MY BEST OPTION REGARDING MY HOUSE AS WELL AS I WANT TO GET BACK ON MY FEET FINANCIALLY. THANK YOU. I GET HOME FROM WORK AT 5:00 p.m. .THANK YOU.



saundra raynor says:
September 22, 2015
Website: www.strugglinghomeownerssharestories.com

see my website. I finally got caught up with my mortgage payments, but it took me almost three years. Now I have almost $3,000 in late fees to pay.



Required
Name:
Website:
Email:
Comments:
Please provide the comments.
Security Code:
Please correct the code.
 

Archives