HOMEOWNERS BEWARE: Foreclosure Rescue Scams
Brought to you by your Realtor®
Arnie Levine Broker of County Properties
and the California Association of Realtors®
With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. These so-called “foreclosure rescue companies” claim they will help save your home, but in reality are out to make a profit — at your expense.
Red Flags for Foreclosure Rescue Scams
If you are at risk of or in foreclosure, you should be on the lookout for foreclosure scams. Here are some of the red flags to watch out for:
• Asks for money upfront before providing any service
• Instructs you not to contact your lender, lawyer, housing counselor, family, friends, or others
• Asks for mortgage payments to be made directly to his or her company or a bank account set up by that
person, rather than your lender.
• Requires payment only in the form of cash, cashier’s check, or wire transfer
• Advises you to transfer your property deed or title to his or her company
• Offers to fill out paperwork for you
• Asks for something to be done immediately and without delay. This includes pressuring you into signing
paperwork that you have not had the chance to read thoroughly or do not fully understand.
• Promises to stop the foreclosure process, no matter the circumstances
• Encourages you to lease your house and buy it back over time
• Offers to buy your house for a fixed price that is not set by the housing market at the time of sale
• Asks for you to give a power of attorney
• Asks for signatures on a grant deed or deed of trust
• Asks for signatures on a document that has lines left blank
• Fails to provide copies of signed documents
• Refuses or fails to put an oral promise in writing
If you have been a victim of a foreclosure-related scam or approached by a scam artist, you may report the incident to the following organizations and government enforcement agencies:
• California Attorney General
• California Department of Real Estate
• Department of Housing and Urban Development (HUD) www.hud.gov
• Federal Trade Commission (FTC)
• Your local Better Business Bureau
If you are at risk of foreclosure or have already received a foreclosure notice, you should contact your lender immediately. Homeowners also may seek the advice of a reputable housing, financial or credit counselor, attorney, other qualified professional or our company County Properties, 23 years of brokerage experience trust and a Member of the local Better Business Bureau.
We offer free counseling in real estate re; home values and information on options of selling vs Foreclosure.
If you have equity in your home, we will sell your home and get top dollar in this challenging market. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) /ATTORNEY CONSULTATION.
Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click CountyProperties.net
By the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I’ll be happy to follow up and take great care of them.