Foreclosure Rescue Scams ExposedThe Dirty Dozen –#3 of the 12 Most Common Foreclosure ScamsScam #3) Fake Counseling This foreclosure rescue scam has a feature in common with the Love 'em and Leave 'em scam (#1) in that they charge a fee up-front. These folks are a dime a dozen. They are everywhere, especially on the internet. They will ask for all your personal financial information. This information includes: • Social security numbers • Income • Place of Employment • Bank Account Numbers • Credit Card Numbers • Tax Returns They will charge a fee for "services" that you could easily perform for yourself at no cost. They will guarantee results, which is ludicrous, because it is the lender's choice to modify your loan or not. A guarantee is worthless. Dealing directly with the lender to negotiate your own loan modification has so many advantages: • Obviously, you save the fees that you would pay to a representative. • You know what is going on at every stage • You don't have to worry about your "specialist" dropping the ball • There is a personal touch when the lender has a face to associate with the case • You don't have to worry, "Is my 'expert' really an 'expert'?" Red Flags to look for: • Anyone who charges a fee up front. • Anyone who contacts you over the internet and asks for details of your finances. Things to keep in mind: • Never pay anyone an up-front fee for foreclosure counseling or for negotiation with your lender. • Never disclose personal or financial information to anyone without making sure they are legitimate.
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