Attention Homeowners Beware of Foreclosure Scams!
Don't become a victim of fraudulent foreclosure "rescuers"! Educate yourself about foreclosure scams.
Avoid anyone who asks you to sign over your deed or pay an upfront fee for foreclosure "rescue" or credit "repair" services. It is illegal in Maryland to ask for large fees upfront before helping a homeowner. ALWAYS contact an attorney or a housing counseling agency for foreclosure assistance.
The Federal Trade Commission (FTC) -- our government's consumer protection agency -- has information about avoiding foreclosure rescue scams available here. View the FTC video -- Real People, Real Stories -- here.
NeighborWorks America has launched a national scam prevention campaign with materials available for local partners. For more information about the NeighborWorks campaign go to www.loanscamalert.org.
Worried you've been a victim of mortgage or foreclosure fraud? Report it to the Maryland Office of the Commissioner of Financial Regulation. For more information, visit Avoiding Foreclosure Scams on our website.
Questions about Reverse Mortgages?
Reverse Mortgages -- also called Home Equity Conversion Mortgages (HECM) if originated through the Federal Housing Administration -- are complex loans. They are not for everybody! Understand the risks before you commit.
Reverse Mortgages are special loans available only to those age 62 and over. Reverse Mortgages are secured by your home -- you receive payments from the lender based on the value of your home at the time of the loan. Interest is charged on the outstanding balance, so the loan continues to increase.
For more information about Reverse Mortgages in easy-to-understand language, read the OCC Consumer Advisory. You may also visit HUD's website on the Top Ten Things to Know if You're Interested in a Reverse Mortgage.
Still have questions? Contact a local housing counseling agency for assistance.
Attention Practitioners
New Info on Making Home Affordable
The US Treasury Department has created an account for counselors and consumers to email concerns about servicers within the Making Home Affordable Program.
This email address, support@hmpadmin.com, is available now. PLEASE NOTE: if you are not getting the results expected per Making Home Affordable Guidelines from a servicer, inform Treasury, and be sure to include the following information in the email:
- Name of representative with whom you spoke
- Phone number you called to contact servicer
- Specific information on what the representative told you and what you originally asked them
- Your name and contact information
Treasury wants to ensure accurate information is given out to counselors and borrowers, this information will help them in their efforts.
For a list of servicers participating in the Home Affordable Modification Program, go to... http://www.makinghomeaffordable.gov/contact_servicer.html.
These servicers should be following new standard protocols to evaluate homeowners at risk of foreclosure for modifications.
Remember, many more servicers are participating than are reflected on the web site. Some are still working on procedures, getting agreements executed, etc. Don't hesitate to request substantive loan modifications that reduce interest rates, defer principle, etc. to make mortgages affordable for homeowners you serve.