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Don’t
underestimate the number of con-artists that are out there who are
very slick and represent themselves as professionals wanting to help
you out. Both mortgage fraud and foreclosure-related scams are
particularly abundant in Michigan. The reason is the high rates of
unemployment and the distress and fear that go with the loss of a
job and being at risk of losing your home. Here are a few of the
common scams to watch out for:
-
A “Foreclosure Prevention Specialist” Scam:
These scams involve someone taking fees up front to work with
your lender and “save your home.” They look professional, take
your money and do nothing for you.
-
The Lease/Buy Back Scam:
In this scam, homeowners are tricked into signing over the deed
to their home based on promises that they can stay in the home
as a renter and buy it back later. Generally, the terms of the
lease are so difficult that homeowners are rarely, if ever, able
to repurchase their homes.
-
Bait and Switch
Scam: Scammers trick homeowners into signing over the deed
to their home by convincing them they are only entering into a
new mortgage agreement that will be more affordable and/or
provide them with income, etc. Many end up being evicted from a
home they have owned outright and lived in for years.
Don’t let yourself be victimized!
Follow this simple advice:
1)
Never pay anyone a fee
for helping you work with your lender! Call a Free HUD or MSHDA
certified foreclosure counselor (see local contact info below).
2)
Never
work with anyone who guarantees
you they can save you from foreclosure. Legitimate counselors know
there are no guarantees.
3)
Never
pay your monthly mortgage payment to anyone but your lender or the
servicer of your loan.
4)
Never
sign anything you don’t thoroughly understand, most importantly,
never sign over the deed to your home.
5)
If you need help working
with your lender, always contact a HUD or MSHDA certified housing
foreclosure counselor for highly qualified free help!
FREE
HUD and MSHDA Certified Counselors
Jackson County
Community Action Agency (800)
491-0004
Jackson Affordable Housing (517)
788-4626
Lenawee County
Community Action Agency (800)
438-1845
Hillsdale County
Community Action Agency (800)
750-9300
If you think
you have been a victim of a scam or fraud, contact the FBI – (313)
965-2323. Locally, you can also call a FREE legal services
attorney Legal Services of South Central Michigan:
Jackson and Hillsdale Counties
(800) 676-9488 or (517) 787-6111
Lenawee County
(888) 251-1598 or (734) 241-8310
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