Beware of Bank Foreclosure Rescue Scams in Utah County
Beware of Bank Foreclosure Scams in Utah County.
Beware of Bank Foreclosure Rescue Scams. Bank Foreclosure rescue and mortgage modification scams are a growing problem here in Utah County. Homeowners must protect themselves so they do not lose money, time or their home.
Scammers make promises that they cannot keep, such as guarantees to “save” your home or lower your mortgage, They give false hope. Scammers may pretend that they have direct contact with your mortgage servicer when they do not. I have closed dozens of short sales and bank foreclosures with our team here in Utah County. It takes time and patience to get the bank to approve a short sale or loan modification.
I put a home for sale in Mapleton, Utah as a short sale a few months ago. After signing the papers the seller brought me a package of paperwork and told me they were sending this company $3,500 for them to help them get their short sale approved. I asked, "You just hired me why would you want to pay $3,500 for the same service?". They said, "They told us we had to pay to get a short sale approved". The truth is you can hire a Realtor in Utah to do this service for no up front charge. The Realtor is eventually paid by the bank at closing. About half the short sales in Utah County end up going into bank foreclosure so paying your hard earned money for nothing is not a good idea. In fact, I researched that company on the internet and found out it was a scam.
If you are tempted to pay a bank foreclosure or loan modification scammer please spend some time doing some research on the internet before you give your money away. You will usually find pages of victims. You can get help for free.
The Federal government provides free resources to get you the help you need. Homeowners can call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) for information about the Making Home Affordable Program and to speak with a HUD-approved housing counselor. The Making Home Affordable Program is a great starting point at working on a loan modification.
I put a home for sale in Mapleton, Utah as a short sale a few months ago. After signing the papers the seller brought me a package of paperwork and told me they were sending this company $3,500 for them to help them get their short sale approved. I asked, "You just hired me why would you want to pay $3,500 for the same service?". They said, "They told us we had to pay to get a short sale approved". The truth is you can hire a Realtor in Utah to do this service for no up front charge. The Realtor is eventually paid by the bank at closing. About half the short sales in Utah County end up going into bank foreclosure so paying your hard earned money for nothing is not a good idea. In fact, I researched that company on the internet and found out it was a scam.
If you are tempted to pay a bank foreclosure or loan modification scammer please spend some time doing some research on the internet before you give your money away. You will usually find pages of victims. You can get help for free.
The Federal government provides free resources to get you the help you need. Homeowners can call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) for information about the Making Home Affordable Program and to speak with a HUD-approved housing counselor. The Making Home Affordable Program is a great starting point at working on a loan modification.
Tips to Avoid Bank Foreclosure Scams in Utah County
Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. They like to prey on the vulnerable and desperate. Like a lion stalking the herd they wait for the tired, sick and weak.
Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house. It is common for people to rush to your home when the bank foreclosure notice appears in the paper. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
Never make a mortgage payment to anyone other than your mortgage company without their approval. What to Do if You Have Been the Victim of a Scam If you believe you have been the victim of a scam, you should file a complaint with the Federal Trade Commission (FTC). Visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP.
Watch the Foreclosure Rescue Scams Video on the FTC ’s YouTube Channel. This is an great video that everyone facing a bank foreclosure should watch. The U.S. Department of the Treasury’s Office of the Comptroller of the Currency provides tips and materials to help homeowners avoid mortgage modification and foreclosure rescue scams. Find them here .
Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. They like to prey on the vulnerable and desperate. Like a lion stalking the herd they wait for the tired, sick and weak.
Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house. It is common for people to rush to your home when the bank foreclosure notice appears in the paper. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
Never make a mortgage payment to anyone other than your mortgage company without their approval. What to Do if You Have Been the Victim of a Scam If you believe you have been the victim of a scam, you should file a complaint with the Federal Trade Commission (FTC). Visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP.
Watch the Foreclosure Rescue Scams Video on the FTC ’s YouTube Channel. This is an great video that everyone facing a bank foreclosure should watch. The U.S. Department of the Treasury’s Office of the Comptroller of the Currency provides tips and materials to help homeowners avoid mortgage modification and foreclosure rescue scams. Find them here .
NeighborWorks America® Loan Modification Scam Campaign
Congress asked NeighborWorks America® to launch a national public education campaign to empower homeowners to protect themselves against loan modification scams, find trusted help, and report illegal activity to authorities. The U.S. Department of the Treasury partners with NeighborWorks America® in this campaign effort. Learn more about the campaign here.If you would like my opinion about what your home is worth and how fast it will sell in the Utah County Real Estate Market let me know. I have helped many families facing foreclosure sell their home before it was too late. I would be happy to give you free advise and tips.
Welcome to my Utah County Real Estate blog! We are located in Mapleton, Utah. Our team combines proven traditional real estate practices and represents the leading edge in the future of real estate marketing by merging internet technologies, service, communication, information and analysis with those traditional practices to provide our clients with an exceptional real estate experience and superior marketing.
Paul Teasdale, Principal Broker
ABR, CRS, e-PRO, QSC, Finance BYU
15 Years Experience, 800+ Homes Sold
Team Teasdale Realty, Utah County Real Estate
Phone: 801-491-7653
Posted by Paul Teasdale - Utah Broker at 1/12/2010 9:04 AM 
Categories: Hiring a Realtor in Utah, Utah Bank Foreclosures
Tags: short sale bank foreclosures short sales utah county homes bank foreclosure
Categories: Hiring a Realtor in Utah, Utah Bank Foreclosures
Tags: short sale bank foreclosures short sales utah county homes bank foreclosure
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