Excerpt from: Ski Resort Newsroom
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| March 26, 2009 | | Foreclosure prevention scams on the rise | During times like these, when people become desperate, it is not unusual to for scammers to try to advantage of them. Right now, with a foreclosure prevention plan and mortgage rescue plan being touted by President Obama, many scammers are looking to take advantage of the situation.
The Boyd Team, at the Prudential Steamboat Realty blog, points this out about the types of foreclosure prevention scams popping up about the country:
Legislation that is designed to give aid to homeowners needing leniency
in negotiating new financing terms has apparently spawned a
proliferation of firms specializing in scams. These firms are charging
fees based on promises that they will effectively negotiate your
situation with your bank on your behalf. These fees can often escalate
to more than $1,000 per client.
It is vital that you be on your guard against such scams. Here are some things that the Cam Boyd team recommends you keep in mind when evaluating offers of help from foreclosure prevention "specialists":
- Check www.hud.gov for a list of approved mortgage and foreclosure prevention counselors.
- Do not pay an up front fee.
- Do not believe someone promising results that are guaranteed.
- Do not sign documents that are incomplete, and do not sign anything you do not understand.
If in doubt, speak with a trusted friend or lawyer who can help you evaluate the legalese in the paperwork.
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