PIC Current

By Anthony Myers, PIC Current Contributor

Did you know that some home foreclosures are caused by foreclosure fraud?  Foreclosure fraud is sometimes referred to as ‘mortgage foreclosure rescue fraud,’ and usually involves a person or company offering assistance or ‘rescue’ from foreclosure.

Homeowners are then encouraged to hand over precious resources that could be used to save their house.  Some scams offer you a quick fix while others offer you a way to buy time to get your finances together.  Never let anyone:

• Trick you into signing over your home as part of any deal. 
• Likewise, don’t believe those who tell you not to contact your lender or bank.

These are surefire schemes designed to cheat you out of your money and your home.

If you are behind on your mortgage, or as soon as you think you may have trouble paying your mortgage, contact your bank or lender.  If you have already gotten a foreclosure notice, contact your bank and don’t panic.  They may be willing to work with you, but you need to be honest with them about what you can afford and what your situation is.  The best way to avoid foreclosure is to take action.

You can get help from reputable organizations and you might qualify for a loan modification. Our sister site, The Beehive, has an entire section to help you avoid foreclosure. 

Foreclosure isn’t the only option and lenders would rather work with you than take your home. 

1. Fannie Mae has a website set up to help. 
2. You can also contact the HOPE National Hotline at 888-995-HOPE (4673). 
3. You can find a counselor on the U. S. Department of Housing and Urban Development website. 

It may seem like the world is full of bad news these days, but there are people who have saved their families’ home and you could be one of them!

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