Foreclosure Rescue Scams

The possibility of losing your home is terrifying.   Scam artists prey on the hopes and fears of desperate owners by claiming they can save your home.  These criminals want to trick you into giving them your money and your home.  They will then disappear, leaving you worse than they found you.  The Federal Trade Commission publishes a “Facts for Consumers” sheet describing the danger signs that you are dealing with a scammer. 

Red Flags.   If you’re looking for foreclosure prevention help, avoid any business that:

  • guarantees to stop the foreclosure process – no matter what your circumstances
  • instructs you not to contact your lender, lawyer, or credit or housing counselor
  • collects a fee before providing you with any services
  • accepts payment only by cashier’s check or wire transfer
  • encourages you to lease your home so you can buy it back over time
  • tells you to make your mortgage payments directly to it, rather than your lender
  • tells you to transfer your property deed or title to it
  • offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
  • offers to fill out paperwork for you
  • pressures you to sign paperwork you haven’t had a chance to read thoroughly or that you don’t understand.

If you are concerned about losing your Minnesota home, contact the Minnesota Home Ownership Center for free and unbiased counseling at phone  (866) 462-6466.  For more details on foreclosure prevention scams, click here.

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