Avoid Mortgage Scams – Know the Signs

In our rapidly changing real estate market, it is easy to find yourself victim to unscrupulous activities that take advantage of people who need help. Here are a few signs to watch out for to avoid mortgage scams.

  • You are told you will get a federal incentive to walk away from your home
  • You are asked to pay upfront for counseling
  • You are pressured to sign papers immediately
  • You are asked to sign your house over to a company or person who is not working with your mortgage company
  • You are asked to make a mortgage payment to someone other than your mortgage company without their approval
  • You are guaranteed a successful short sale or mortgage modification

If you believe you are a victim of a mortgage scam, you should contact the Federal Trade Commissions (FTC) at 1-877-FTC-HELP (1-877-382-4357) or visit their Complaint Assistant www.ftccomplaintassistant.gov.

If you or someone you know is struggling with their mortgage payment or their home is worth less than they owe, please contact the Russo Team today. There are alternatives and we can help. 602-864-1200. www.RussoTeamHelps.com.