But… I just want to help.
Ok, I know I am becoming a little bit cynical, but I feel the need to remind my family, friends, clients, and you, that if someone (especially someone you don’t know) offers you help, be sure to ask a few questions. And you might want to start with: what’s in it for them?
More to my point is that there are people being taken advantage of all over this country as we speak. People in trouble. People in REAL trouble. People who didn’t think through the consequences of borrowing money that they might not be able to pay back. People who were told that the real estate market ALWAYS goes up and you can just refinance your loan before it “adjusts” and everything will be fine. Well, when these folks can’t make there new (higher) payment, the bank forecloses. This by the way is a matter of public record in the United States. That’s when the vultures decend. The homeowner is bombarded with calls, leaflets, and knocks on the door from people armed with fraudulent offers of help.
Some of the offers of help are as simple as a promise to help if you pay them some amount of money, generally thousands of dollars (which by the way, if these people had thousands of dollars, they wouldn’t be in default in the first place). Other offers of help are more involved and include deeding that person onto the title of your property, unknowingly. And sometimes you’re deeding yourself off of the title at the same time. They usually allow you to rent back your home but you believe you are still making the mortgage payment, not renting. Then they let you go along until they wish to sell the property, and then you’re kicked out of what you thought was your home.
These scams are on the rise and our law enforcement agencies are overwhelmed. The FBI has 150 agents devoted to mortgage fraud and has formed task forces with local law enforcement agencies in 32 U.S. states to help track the rescue scams.
Property ownership is an integral part of the American Dream. When homeowners face losing that dream and someone says they can help, they jump at the chance.
The U.S. Department of Housing and Urban Development (HUD) has a list of certified counseling groups on its website and experts say homeowners should accept help only from certified groups.
So… If you’re in trouble, there is a lot of information on the internet. This will at least help you ask the right questions. But don’t make any decisions or sign any papers until you spoken with a “trusted” advisor.
Wallace…
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