Beware of Foreclosure Scams

With so many people out there unable to make their mortgage payments and fearing foreclosure, scam artists abound. They prey on your fears and use public information to find people who are vulnerable.

While many competent companies exist to help those facing foreclosure, many scam companies exist as well. This video from FreddieMac gives a quick overview of what to watch for.

If you're worried about making your mortgage payments, call your lender immediately and try to work out an arrangement. Most lenders will offer you special payment options, or even forbearance options that allow you to move missed payments to the end of your loan.

You can also speak to your mortgage broker about refinancing your existing loan. Rates are pretty low right now and many of my customers are looking to take advantage of these low rates to prevent any future problems by lowering their payments today.

Whatever you do, don't let yourself become a victim. Get information from trusted professionals and be wary of people using public information and scare tactics to coax you into signing any agreement. And as always, consult your attorney with any questions about any contract you sign.

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