Foreclosure on your Maryland home can be a frightening prospect. In your desperation, you may agree to a plan that is not in your interest. Scam artists count on your heightened state of panic to prevent you from carefully examining the provisions of their phony foreclosure prevention programs. However, if you are not careful and fall prey to a scam, not only will it not improve your financial situation, it may leave you much worse off than you are now.
Unfortunately, according to the Consumer Financial Protection Bureau, people who run foreclosure scams are becoming more and more adept at passing themselves off as legitimate. For example, they may provide you documentation with official-looking seals and claim that they are from the government. However, when you examine the seals more closely, you notice slight discrepancies. Bear in mind, though, that these may be subtle and difficult to spot unless you look very closely.
Asking you for money upfront in exchange for helping you avoid foreclosure is a hugely significant warning sign that you are dealing with a scam artist. Assistance with foreclosure prevention is available to you free of charge through the Department of Housing and Urban Development and/or your mortgage servicer. You should never have to pay for these types of services.
You should also be wary of a company or program that guarantees you a favorable result. A scam artist may make you promises that sound too good to be true. They almost certainly are, as you may find out to your detriment if you travel too far down that path.
The information in this article is not intended as legal advice but provided for educational purposes only.
