Homeowners: Watch Mortgage Scams
A company/person asks for a fee in advance to work with your lender to process, modify, refinance of reinstate your mortgage.
It is illegal for a company/individual to charge fees in advance for these services according to the Federal Trade Commission (FTC) Mortgage Assistance Relief Service (MARS) Rule. Note: Attorneys are allowed to charge fees in advance if they meet certain requirements and place fees in a client trust account ( FTC MARS Rule Compliance Guide for attorneys). But be careful! Attorneys, and people claiming to be attorneys, have been known to take advantage of homeowners, too.
4 ways to avoid loan scams
- Be skeptical.
- Don't pay for help upfront for loan modification processing and negotiation services
- Don't transfer the property deed.
- Ignore promises of shortcuts.
Go To www.noupfrontfeeloanmod.com
Ray Portela First Legal Services 973-866-5222 ext 100