If you find yourself in a situation where you’re facing a foreclosure, you’ll probably receive mail from a mortgage loan modification company that promises to help you rescue your home. As vulnerable as you might feel, take heed that most of these offers are scams. Here’s what you should know about mortgage modification scams, and whether you should hire legal representation for an upcoming trial.
Mortgage Modification Scams: What You Need to Know
If you’re facing a foreclosure, you likely feel susceptible to too-good-to-be-true offers – and scammers know it. While an offer might look and sound official, it’s only because scammers know how to use deceptive strategies to win your trust and get you to inquire about their mortgage modification services. To trick you, they might:
- Name companies to sound like they’re affiliated with federal agencies
- Claim that they’ve helped many in your exact position
- Declare that they’re backed by a reputable real estate attorney
- Promise a money-back guarantee and that they’ll save your property
The Answer: Yes, You Should Have Legal Representation
Optimally, you’ll talk with an attorney right after you receive a mortgage modification offer. But if you’ve already fallen to a mortgage modification scam, take immediate action by hiring legal representation to help you during the trial. Your real estate attorney will guide you along each step of the process.
If you’ve fallen victim to a mortgage modification scam, make sure you report it to the authorities right way – your local Better Business Bureau, your state Attorney General’s office, or the Federal Trade Commission.