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Posted April 24th, 2012 under Underwater Mortgage

Don't Get Scammed: Know Who to Trust When Seeking Underwater Mortgage Help Chandler

Tags: foreclosure scams chandler, underwater mortgage help chandler, homeowner counseling chandler

Don't Get Scammed: Know Who to Trust When Seeking Underwater Mortgage Help Chandler

Sadly, some people see the foreclosure crisis as an opportunity to take advantage of struggling homeowner. These scammers pretend to provide underwater mortgage help Chandler, but in fact they're simply after a homeowner's money and, in some cases, their property.

Fortunately, it's possible to avoid loan modification and foreclosure scams Chandler if you know what to look for. Below, we've explained five common loan modification scams.

  1. Bait-and-switch. A scammer may claim to be able to help someone who is underwater on their Chandler mortgage by providing a new loan, but they're really trying to trick the homeowner into signing documents that will give the scammer title to the property. You can avoid being hooked by this scam by thoroughly reading any document before you sign it.
  1. Lease-back or repurchase. Sometimes, a scammer will present a deal that involves letting you stay in the house as a renter. The scammer may also assure you that you'll eventually be able to buy back the home. Unfortunately, the terms of these deals are usually so burdensome that the homeowner is eventually evicted, and the scammer gets to keep the property.
  1. Fraudulent loan modification. In some cases, a scam artist will say they can help you obtain a loan modification in exchange for a fee. The scammer may claim to be negotiating with the bank on your behalf, while actually doing nothing. You may also be asked to send mortgage payments directly to the scammer, rather than to your lender. The scammer pockets the payments and by the time you figure out what's happening, it may be too late to save your house.
  1. Fake homeowner counseling. Be skeptical of anyone who is charging high fees in exchange for homeowner counseling Chandler. These scammers don't intend to help you solve your underwater mortgage problems or avoid foreclosure. Instead, they'll simply take your money and disappear.
  1. Fraudulent "government-sponsored" loan modification programs The federal government offers several programs to help homeowners who are underwater or facing foreclosure. Scammers may try to confuse homeowners who are seeking government help by claiming to be affiliated with federal programs. Be skeptical of .com or .net websites offering "government-sponsored" foreclosure assistance, or of anyone who tries to charge you a fee to see if you're eligible for government mortgage help. Instead, contact your lender to see if you're eligible for free government assistance.

Scammers are an unfortunate reality, but Chandler homeowners can protect themselves by getting educated. And remember, if an offer sounds to good to be true (like someone who "guarantees" that they'll get you a loan modification), it probably is. Fortunately, there is real underwater mortgage help Chandler available, including the resources offered by Homeowner 101. We created our Underwater Homeowners Assessment and Action Plan so that people can get the unbiased advice and guidance they need to deal with their underwater mortgage.