Mortgage Scam - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Mortgage Scam

Scam artists are now targeting homeowners who are having to foreclose on their mortgages.

The Better Business Bureau warns foreclosure "rescue" companies are promising to save a homeowners house, when they only take their money.

The BBB has heard from victims of foreclosure rescue schemes in almost all 50 states.

The BBB offers the following advice for homeowners facing mortgage foreclosure:

  • Contact your BBB or go to www.bbb.org to request a free Reliability Report before paying any "rescue" company. You can also check with your state Attorney General and state Real Estate Commission.

  • Beware of the personal approach. Some less-than-ethical businesses will stuff a handwritten note in your front door or mailbox that implies that "help" is available from someone who has your best interests in mind.

  • Talk to your lender. The first thing you should do is talk to your mortgage company about how to restructure your loan payment or refinance.

  • Never sign a contract under pressure and never sign away ownership of your property. Ask a trusted family member, your attorney or a financial professional to review any paperwork you may be asked to sign.

  • If you feel you have been taken advantage of by an unethical mortgage foreclosure "rescue" company, file a complaint with your BBB at www.bbb.org.

For more trustworthy advice and tips for troubled homeowners, go to www.bbb.org.

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