Are you having trouble making your house payment?  If so, you might hear from companies that promise to save your home for a fee. They say they’ll negotiate with your lender or buy back your house, but once they take your money, they’ll do nothing. Don’t fall for the scams. Real help is available, and it’s free. Learn the facts that will help you beat scammers at their own game.

Ohio’s Save the Dream program provides free assistance to homeowners. For free help, call Save the Dream at (888) 404-4674 and tell your story. You’ll be connected to a housing counseling agency or legal help. The federal Homeowner Affordability and Stability Plan also may allow you to refinance or modify your loan at no cost to you. Check www.MakingHomeAffordable.gov for more information. Remember, the government won’t charge you any money to help save your home.

Your lender can help. Call you lender to see what options are available to you. Ask about:

• Forbearance to reduce or suspend your house payment.
• A repayment plan to temporarily increase your payment to make up for missed payments.
• Refinancing to get a lower interest rate.
• Mortgage modification to reduce your principal or extend the length of your loan.
• A short sale to sell your property for less than the full payoff.
• A deed-in-lieu of foreclosure to give back your property and satisfy your debt.

You should stay in your home. Even if you’re worried that you’ll eventually lose your home to foreclosure, stay in your home as long as possible. Keep it in good condition. Some banks decide not to go through with a foreclosure action, which would mean you’d still be responsible for your home.

Even if you give away your deed, you still might be responsible for your house. Phony companies may ask you for the deed to your house and offer to lease your house back to you until you can afford the payments. In reality, they’ll never make payments on your mortgage loan, which still has your name on it. The bank will take foreclosure action against you and once the case ends, you’ll be evicted.

An offer to “review your documents” is probably phony. Some scammers ask you to send money so that so-called experts can review your files. After you pay, however, you’ll receive a fake document that only looks as if it’s been filed with the court.

Attorney General Cordray is cracking down on the scammers. Since early May, Attorney General Cordray has issued more than 30 cease and desist demands to stop businesses suspected of operating foreclosure rescue scams in Ohio. In the last two years, the Attorney General also has filed more than 10 lawsuits against faulty foreclosure rescue companies.

You can take action, too. Stay alert and watch for any signs of a scam. If you notice anything suspicious, file a consumer complaint with the Attorney General’s Office online or call (800) 282-0515. Your assistance is critical. Information you submit in a complaint could be the basis for a future lawsuit.

Links

Foreclosure resources – Save the Dream
Foreclosure FAQ’s – Ohio Attorney General’s Office
Get your free credit report – Annualcreditreport.com