In a recent article, Realtor.org warns of scam artists out to make money off homeowners who want to take advantage of Pres. Obama's foreclosure-prevention plan.
The bogus firms promise "effective and quick" negotiations with banks, for a fee - often more than $1,000 - and then do nothing.
The Federal Reserve recently issued this advice for people seeking to modify their mortgages:
1) Work only with HUD-approved nonprofit counselors. (See www.hud.gov)
2) Don't agree to pay a fee before you are provided with the promised service.
3) Beware of people offering "guaranteed" results.
4) Don't sign blank forms or documents you haven't read.
If you are contacted and feel the caller or sender is not legitimate, give me a call or contact the local HUD office. There are always folks trying to profit off someone's misfortune - don't be a victim!
Barbara Abe, REALTOR