Don't Become a Victim of Foreclosure Scams!
Hear what Congressman Cummings has to say about Foreclosure Scams
If you're considering refinancing your loan, or 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 to the Maryland Office of the Commissioner of Financial Regulation at 1-888-784-0136.
For more information about foreclosure scams in Maryland and how to avoid them, visit the Stop Scamming Us! website.
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.
More Resources:
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 the Real People, Real Stories video on foreclosure scams