Mortgage Relief Scams

While home ownership is a wonderful thing, sometimes your mortgage payment can become a burden. If you’ve fallen a little behind, you may be searching for options to provide relief. During this time, it’s important to be aware of potential mortgage relief scams so you can protect yourself and find legitimate resources for help.

Understanding Mortgage Relief Scams

There are several types of scams. Each one works slightly differently. Mortgage relief scams commonly involve people claiming they will help you get a mortgage modification if you pay them a fee. Once you pay the fee, they’ll take your money and run. More sophisticated scams involve scammers tricking you into signing documents that give them ownership of your home.

How Scammers Appear

Scammers often disguise themselves as trustworthy figures. They might pose as attorneys claiming they can assist you with foreclosure or represent themselves as loan modification companies ready to negotiate on your behalf. Some scammers might even act like potential buyers, but instead of transferring the mortgage they’ll take the deed to your home and leave you with the mortgage.

What Scammers Offer You

Scammers will entice you with promises that sound too good to be true. They might claim they can stop the foreclosure process or offer a rent-to-own deal that rarely pans out as expected. Always approach these offers with caution!

How to Protect Yourself

To safeguard your finances and home, keep an eye out for these red flags:

Promises that seem too good to be true
Guaranteed results before even knowing your situation
Requests to make payments to them instead of your lender
Pressure to avoid contacting your lender
High upfront fees for unclear services
Requests to sign over your home’s title

Before engaging with any third party offering mortgage relief, do some research. If you’re considering hiring a lawyer, verify. their credentials and ask for references. Remember, you’re in control of your decisions, so take your time and don’t rush into anything.

Where to Find Real Help

There are plenty of legitimate resources available to help you navigate a potential foreclosure. Start by reaching out to your lender as soon as you begin having difficulty making payments. They may be willing to work out a modified repayment plan.

You can also reach out to Horizon’s trusted financial counseling partner, GreenPath Financial Wellness. The good folks at GreenPath will take the time to fully understand your financial situation and help you develop a personalized plan to get back on track.

With the right information and support, you can find a path forward. You’re not alone, and we at Horizon and our partners at GreenPath are ready to help in whatever way we can to master your mortgage and achieve your financial dreams.