Mortgage Foreclosure Rescue Fraud

Added by Editor on June 28, 2012.
Saved under Mortgage Foreclosures

Foreclosure rescue fraud is on the rise in Illinois. People looking to take advantage of homeowners in foreclosure, guarantee “saving” homes and lowering monthly payments, when in reality they do little or nothing to help and charge a fee for these phantom services.

Tips to Avoid Scams:

  1. NEVER pay for counseling assistance or loan modification on a delinquent loan. Free counseling services are available through the Department of Housing and Urban Development (HUD).
  2. NEVER sign or transfer over the deed to your home to anyone promising to save it from foreclosure.
  3. NEVER sign over the deed to your property to anyone other than your mortgage company with whom you are working to forgive your debt.
  4. NEVER make a mortgage payment to anyone other than your mortgage company without their approval.

To learn more about avoiding these scams or if you feel you have been the victim of foreclosure rescue fraud, call 1-888-995-HOPE (4673) to speak to a HUD-approved housing counselor or go to the MakingHomeAffordable.gov scam information page.

Also, the Consumer Fraud Hotline sponsored by the Illinois Attorney General’s office, takes complaints from homeowners who believe they have been the victim of mortgage rescuescams. For more information or to file a complaint, contact their hotline at 1-800-386-5438, TTY: 1-800-964-3013 or visit Help for Homeowners.