FTC: Mortgage relief that provides none

TULSA - The companies claimed they could get people more favorable loan terms, avoid foreclosure and improve their credit; for a fee.

FTC officials say don't believe anyone who guarantees to rescue your home.  There is no guarantee you will get a loan modification or stop a foreclosure.

Do not pay an up-front fee for mortgage relief services.  It is illegal unless the provider is an attorney.  

It is always best to call your lender, directly, as soon as you know you'll have trouble paying your mortgage.

Do not sign papers you haven't read or don't fully understand.  If you think you have a good deal run it by an attorney to be certain it's what you are expecting.   Many bar associations offer lawyer referral.   The Tulsa County Bar Association offers help for less than $30.  

If someone tells you not to contact your lender, an attorney or a credit counselor about the deal do not do business with them.

If you face foreclosure you can call the Homeownership Preservation Foundation at 1-888-995-HOPE which is 1-888-995-4673 

If you think you've been the victim of a mortgage or foreclosure rescue company file a complaint with the FTC.
 

 

 

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