Beware of Mortgage Scams
Scam artists are stealing millions of dollars from distressed homeowners in the United States. They promise immediate relief from foreclosure in exchange for certain pieces of information or money. The reality is they are just trying to steal your money or your identity, which will actually make things worse for you in the long-run. Here are some tips and warning signs to avoid being a victim of a mortgage scam:
- Help is available for free. If someone says that you must pay upfront to receive advice, do not take that advice. HUD-approved housing agencies can help you negotiate with your lender or loan servicer, and that help is free. While some may be legitimate, it is best for you to call 1-888-995-HOPE (4673) for free housing counseling.
- Do not transfer the deed to your home. Beware of anyone who claims to be able to “save” your home if you sign or transfer over the deed to your home. Do not do it! Your mortgage company is the only one to sign over the deed to your home if necessary.
- Be cautious of someone claiming to pay off your mortgage. Do not sign papers in exchange for a promise that someone will pay off your mortgage. You must read and understand all paperwork before signing to make sure you are not unknowingly giving someone else ownership of your home.
- Submit mortgage payments only to your lender. Do not submit your mortgage payments to anyone other than your mortgage lender without your lender’s approval. Some scam artists ask you to make payments to them, and they will in turn make your payments to the lender; however, they keep your money.
- Do not listen to anyone who says you don’t need a real estate professional or title company when selling your home. You should always have a real estate professional, attorney or a title company help you with any transaction involving your home.
The best piece of advice, however, is to recognize that if something sounds too good to be true, it probably is. If you are struggling to make payments on your Bankers Trust mortgage loan, contact us immediately and we will work with you to help you meet your obligation and lessen the stress you may feel in your situation.
Additionally, if you have specific questions about the mortgages with Bankers Trust, click here