Avoiding Foreclosure Scams
Be alert for foreclosure "rescue" offers! A typical story involves a desperate homeowner who is contacted by an individual or company that offers to "refinance" the house, rent it back to the family and promises that it can be repurchased at a later date. Unfortunately, the confused homeowner basically signs away the deed in a stack of paperwork without realizing it.
- Never give your social security number or discuss personal financial information over the phone!
- If an offer sounds too good to be true - it probably is!
- Read and understand the contents of any paper that you are asked to sign! Get expert legal and tax advice from trusted sources.
- Check the current license status and credentials of any person or company that you may use, including people who claim to be real estate salespersons, mortgage lenders and brokers, title companies, and attorneys.
Reporting Foreclosure and Predatory Scams
Maryland Attorney General's Office www.oag.state.md.us/consumer/complaint.htm
Community Law Center www.communitylaw.org/Complaint%20Filling%20Info.htm
Civil Justice, Inc. www.civiljusticenetwork.org/pages/pub_interest.html
Howard County Office of Consumer Affairs www.co.ho.md.us/CA/ConsumerAff_Complaints.htm
Montgomery County Office of Consumer Affairs www.montgomerycountymd.gov/ocptmpl.asp?url=/content/ocp/consumer/filing_complaints.asp
Preserving Your Property Ownership
CONTACT YOUR MORTGAGE REPRESENTATIVE! Don't wait!
- If you are regularly late (1 - 15 days) in making your payments
- If you are experiencing financial hardship (such as loss of income or medical problems) and you are worried that you will fall behind on your payments
- If you have received a letter from the mortgage servicer notifiying that you are in default on the loan
- If the loan amount is adjusting and you know that you are unable to pay the increased payment
ALSO CONTACT:
For help in Baltimore, Maryland, go to www.preservehomeownership.org/about.htm or call 1-888-995-HOPE.
For help in Prince George's County, Maryland, call 301-883-5570
For help in other locations in Maryland, go to www.dhcd.state.md.us/Hope/HousingCounselors.aspx or call 1-877-462-7555
HOPE NOW Alliance is a coalition of mortgage servicing companies who are working to maximize outreach to homeowners who are having problems paying their mortgage. The members have created "Fast Track" processes to work with housing counselors representing homeowners on loss mitigation and foreclosure solutions. For a list of participating companies, go to: http://www.hopenow.com/loan_services/servicer_directory.html
MORE Information to Avoid Foreclosure
"How to Avoid Foreclosure" www.freddiemac.com/corporate/buyown/english/owning/avoiding_foreclosure/
Tips for Avoiding Foreclosure www.fanniemae.com/aboutfm/borrower_resource.jhtml
"You Can Avoid Foreclosure and Keep Your Home" www.fha.gov/foreclosure/index.cfm
What ELSE Should You Know If You Are Facing Foreclosure in Maryland ?
HUD Info www.hud.gov/local/md/homeownership/foreclosure.cfm
Maryland's HOPE Initiative - Home Owners Preserving Equity 1-877-462-7555 www.dhcd.state.md.us/Hope/Index.aspx
Foreclosure Counseling Services Law www.oag.state.md.us/consumer/foreclose.htm