When Times Are Tough Beware of Scams Series – Part 1

CCCSOK.org publishes a series exposing the facts and fallacies of scammers and illegitimate business operations. Subscribe here for empowering information that will help keep you and those you love from becoming victims.

In this series on our blog, we will cover the following scams:

  • Mortgage and foreclosure prevention scams
  • Debt Settlement scams
  • Work from home opportunities
  • Investment scams
  • Phishing and ID theft

Mortgage and Foreclosure Prevention Scams

There aren’t too many situations more stressful than being delinquent on your mortgage and facing foreclosure. While there are plenty of legitimate agencies to help you avoid foreclosure, finding them isn’t always easy. Just

today, I read about a complaint filed by the Federal Trade Commission against two companies that were claiming

to be a part of the legitimate Hope Now Alliance. They even put the word “Hope” in the name of their company in order to further confuse people. Most of these companies charge hefty fees to help save your home or modify your loan, sometimes more than $1200 and they may not even contact your mortgage company.

Truth : The truth is that a legitimate company won’t charge you for Foreclosure Prevention counseling. The  rules established by the government called the Making Home Affordable plan allows consumers to either refinance or modify their loan terms with a legitimate company. To find out more about this legitimate initiative visit the Housing Counseling page at www.cccsok.org . If you need help dealing with foreclosure, Consumer Credit Counseling Service of Central Oklahoma offers this counseling for free.

 

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