Mortgage assistance scams

Mortgage assistance scams

"Borrowers should never pay fees up front to obtain assistance from a foreclosure consultant." This warning in capital letters greets you at the Minnesota Attorney General's website. Scam artists play on the fears of the vulnerable and desperate. They promise but do not deliver requiring money for services that are available free through non-profit organizations. Lori Swanson, Minnesota's Attorney General, discusses these issues and more at her website www.ag.state.mn.us. There she explains the types of mortgage assistance scams that rob homeowners of money, time and trust - foreclosure consultant scams, mortgage modification scams, forensic loan auditors, refinance scams, and mortgage settlement scams.

She explains who these scams target, how they approach such people in need, and what to do about it. Remember, never pay up-front fees, never provide personal financial information, and be wary of claims of attorney-backed service. Do not put off seeking help and do not be fooled or pressured by these scam artists. If you experience financial trouble, have a mortgage in default or are already facing foreclosure, follow the suggestions listed at this site. Here you will find agencies, organizations, and referrals available to help as well as useful tips for borrowers in need. For more information, go to www.ag.state.mn.us/consumer/publications/mortgageassistancescams.asp.

Credit: Office of the Minnesota Attorney General