Be Forewarned, NOT Foreclosed!

    

            Mortgage Scam Alert billboard

 

The Baltimore Homeownership Preservation Coalition, in partnership with NeighborWorks America, has launched a citywide campaign to warn homeowners about foreclosure "rescue" scams.

 

Check out the NeighborWorks America Loan Scam Alert website for more information on foreclosure scams and how to avoid them.

 

Don't let mortgage scammers walk away with your money and home! 

If you are behind on your mortgage payments and facing foreclosure, consider the following:

  • DO contact the Maryland HOPE hotline at 1-877-462-7555 for referrals to free nonprofit housing counseling and legal services.
  • DO contact your servicer (lender) and try to refinance the loan or work out a payment plan.
  • DO get everything in writing.
  • DON'T pay anyone up front who promises to negotiate

     with your lender. 

  • DON'T ignore warning letters from your servicer, bank or lender. The problem will not go away, and will only get worse if you ignore it.
  • DON'T sign any documents without consulting with an attorney or counseling agency.
  • DON'T sign any agreement with blank lines or spaces.
  • DON'T sign over your deed to a third party or agree to any deal that supposedly allows you to rent the property and buy it back later.
  • DON'T make your mortgage payments to someone other than the current servicer of your mortgage.
  • DON'T make a deal with someone who solicits you uninvited by mail, telephone, flyer or in person.

 

Do you think you've been a victim of fraud?  Report it!

Go to the Maryland Office of the Commissioner of Financial Regulation website or call toll-free 1-888-784-0136.

   

More Resources:

Stop Scamming Us! website has info on foreclosure scams in MD

OCC Consumer Advisory on Avoiding Mortgage Modification Scams

FTC Consumer Fact Sheet on Foreclosure Rescue Scams

OAG Consumer Protection Division Fact Sheet on Foreclosure Scams

 

Watch Congressman Elijah Cummings' ad on foreclosure scams

Watch the Real People, Real Stories video on foreclosure scams