Attorney General Edmund G. Brown Jr. Brown joined the California Department of Real Estate (DRE) and the State Bar of California in warning Californians to avoid forensic loan audits, the loan-modification industry’s latest “phony foreclosure-relief service,” in which homeowners pay up-front fees for a forensic review of their lender’s practices, but are provided no actual foreclosure relief.
Brown also unveiled a new loan modification fraud website (http://ag.ca.gov/loanmod).
5 TIPS TO AVOID BEING SCAMMED
- Don’t pay up-front fees. Foreclosure consultants are prohibited by law from collecting money before services are performed.
- Don’t ignore letters from your lender or loan servicer. Responding to those letters is your best bet for saving your house.
- Don’t transfer title or sell your house to a “foreclosure rescuer.” Beware! This is a scam to convince homeowners they can stay in the home as renters and buy their home back later. It might also be part of a fraudulent bankruptcy filing. Either way, a scammer can then evict the victim and take the home.
- Don’t pay your mortgage payments to anyone other than your lender or loan servicer. Mortgage consultants often keep the money for themselves.
- Never sign any documents without reading them first. Many homeowners think that they are signing documents for a loan modification or for a new loan to pay off the mortgage they are behind on. Later, they discover that they actually transferred ownership of their home to someone who is now trying to evict them.
Call your Sea Coast Exclusive Properties REALTOR when you are ready to buy or sell property in Del Mar, Solana Beach, Encinitas, Carlsbad and any other community from downtown San Diego to Oceanside.
Related posts:
- $18,000 In Combines Homebuyer Tax Credits For A Limited Time
- New Program Will Pay Homeowners “Shortsale”
- Feds scold B of A, Wells Fargo on Loan Modifications
- HUD clarifies the application of realty add-on fees
- Obama administration revises anti-foreclosure strategy
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