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The Foreclosure Prevention Assistance campaign, a partnership between the Ad Council, the U.S. Department of the Treasury, and the U.S. Department of Housing and Urban Development, wants you to be aware of foreclosure rescue and mortgage modification scams.
June is National Home Ownership Month, but many Americans are still struggling to make their mortgage payments. About 1 in 17 homeowners nationwide have fallen behind on their mortgage payments, putting them at a higher risk of foreclosure.
Unfortunately, foreclosure rescue and mortgage modification scams are a growing problem. Scammers will make promises that they can’t keep, such as guaranteeing to “save” your home or lower your mortgage payments, usually for a fee, and sometimes even claiming that they have direct contact with your mortgage company.
Real help is always free. Making Home Affordable is a free government resource that can make paying the mortgage easier for homeowners who are struggling with their mortgage payments. With free help from HUD-approved housing experts, homeowners can avoid being scammed by those demanding payment for assistance. When it comes to upfront fees, we tell homeowners, “Don’t Pay, Walk Away.”
- Through the federal Making Home Affordable program, many homeowners have received much-needed help to reduce their monthly payments, get mortgage relief, and avoid foreclosure.Homeowners who are struggling to make mortgage payments can call 888-995-HOPE™ (4673) or visit MakingHomeAffordable.gov for free resources and information to help them deal with their mortgage problems and avoid foreclosure.
- Telephone scammers often request payment by wire transfer services similar to MoneyGram, or completion of paperwork containing your Social Security Number. Do not make any mortgage payments by wire transfer, or provide any personal information, in response to these calls. If you receive unsolicited calls, always check with your mortgage company using the phone number on your mortgage statement, or call 888-995-HOPE™ (4673) to check its legitimacy.
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- Beware of telephone calls urging you to take advantage of the Making Home Affordable Program. Beware of anyone seeking to charge you in advance for mortgage modification services. In most cases, charging fees in advance of a mortgage modification is illegal.
- Paying a third party to assist with your application may not improve your likelihood of receiving a mortgage modification. Beware of individuals or companies that ask you for payment, tout their success rate, or claim to be Making Home Affordable (MHA) or Home Affordable Modification (HAMP) experts.
- The Making Home Affordable (MHA) housing counseling experts at 888-995-HOPE™ (4673) are available around-the-clock (24 hours a day, 7 days a week), in over 170 languages, and at no cost. They will help homeowners understand their options and design a plan to suit their individual situation.
Making Home Affordable seems like a terrific service if needed. I have been reading about different mortgage scams lately.