Avoid these common scams
Beware of loan modification companies or foreclosure "rescue" firms that can take your money and your home if you are not cautious and well-informed. Don't be a victim. Beware of anyone or any organization that:
- Asks for a fee in advance
- Guarantees that they will stop a foreclosure or modify a loan (only your lender can modify your loan)
- Tells you to stop paying your mortgage and to pay them instead
Common scam marketing messages:
- We Guarantee to Stop Your Foreclosure!
- We Can Save Your Home, Guaranteed!
- Stop Foreclosure Now!
- Free Consultation — Save Your Home — Guaranteed!
- We have special relationships with many banks and therefore we can speed up the approval process
- Keep Your Home — Even if it is scheduled to be Sold!
What to do if you have been the victim of a scam:
If you suspect a scam, or if you have been a victim, please report the scam to the Texas Attorney General's Office of Consumer Protection Hotline at 800/621-0508 or online to Loan Scam Alert at www.loanscamalert.org.
More tips to avoid scams:
Federal Trade Commission: Watch the Foreclosure Rescue Scams Video on the FTC's YouTube Channel. www.youtube.com/FTCvideos#p/a/7D3C8705338ED917/0/GvxOC5SBEyI
Office of the Comptroller of the Currency: 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: www.ftccomplaintassistant.gov
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: www.loanscamalert.org