: OT Shes APAL AA IAL e&. Recognizing Foreclosure Rescue Scams (NAPS)—Thepossibility of losing your hometo foreclosure can be terrifying. The reality that scam artists are preying on the vulnerability of desperate homeowners is equally frightening. Manyso-called foreclosure rescue companies or foreclosure assistance firms claim they can help you save your home. Some are brazen enough to offer a moneyback guarantee. Unfortunately, once most of these foreclosure Avoid any businessthat offers to fraudsters take your money, they save your property from foreclosure if you make mortgage pay- what they said they would do. your lender. leave you flat—without doing You can save yourself money and more heartache by avoiding any businessthat: “Guarantees” to stop the foreclosure process—no matter what your circumstances Advises you not to contact your lender, lawyer, or credit or housing counselor * Collects a fee before providing any services e 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 mort- gage paymentsdirectly to it, rather than to your lender e Advises you to transfer your property deedortitle to it Offers to buy your house for cash at a price that is below market Offers to fill out paperworkfor you e Pressures you to sign papers you haven’t had a chance ments directly to it instead of to read thoroughly or that you don’t understand. If yowre having trouble paying your mortgage or you’ve already gotten a delinquency notice, free help is a phone call away. Call 888-995-HOPE for free personalized advice from housing counseling agencies certified by the U.S. Department of Housing and Urban Development (HUD). This national hotline—open 24/7—is operated by the Homeownership Preservation Foundation, a non- profit member of the HOPE NOW Alliance of mortgage industry members and HUD-certified counseling agencies. For free guidance online, visit www.hopenow.com. For free information on the President’s plan to help homeowners, visit www.makinghomeaffordable.gov. For more information on how to avoid mortgage foreclosure rescue scams, go to ftc.gov/MoneyMatters and click on “Your Home.”
