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Warning Signs That It's A Foreclosure Scam

Posted By admin || 23-Apr-2009

As more homeowners face foreclosures, the number of foreclosure scammers looking for a quick buck has increased.

Here are some telltale signs that you may be dealing with a foreclosure scammer:

  1. They claim to have approved you for a mortgage modification that can help prevent foreclosure; but they are not your bank. Only your bank can guarantee mortgage modifications; so if you receive an email or letter from someone other than your bank claiming that they have approved a mortgage modification, it's probably a scam.
  2. They're requesting your financial information. Often scam artists will claim that they can save your home from foreclosure and demand that you send sensitive financial records before "it's too late." If you receive an email or letter demanding financial records in order to "save" your home from foreclosure, it's probably a scam. Even if the email or letter seems official or appears to originate from you bank, call your bank and confirm that they in fact sent the letter before you send any private financial information.
  3. They ask for upfront fees to qualify for a mortgage modification and save your home from foreclosure. If someone is demanding upfront fees for a mortgage modification they are definitely scam artists. Your mortgage company will never request upfront fees for a mortgage modification.

Categories: Foreclosures
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