Washington, DC (PRWEB) October 18, 2010
Details about individual foreclosures is publicly offered, with any person able to access info such as the owner’s name and address, and in some states, other sensitive information. This signifies that homeowners in foreclosure can become the target of mortgage loan scammers who seek to take advantage of their predicament. The Homeownership Preservation Foundation (HPF), which gives data and financial education to guide customers toward the path of sustainable homeownership, is alerting homeowners to resources that will aid them keep away from getting victimized by unscrupulous firms conducting mortgage loan modification and foreclosure rescue scams. The Homeowner’s HOPE Hotline, 1-888-995-HOPE, is a central point of speak to for homeowners who believe they may be a victim of a scam.

1-888-995-HOPE Accessible Resource for Property owners to Report Fraud

“One particular of the most devastating aspects of the present economic crisis for property owners is the prospect of losing their properties to foreclosure, and to add to their distress, a lot of property owners have fallen victim to foreclosure help scams,” said Colleen Hernandez, CEO of the Homeownership Preservation Foundation. “Never be fooled. You can find specific guidance on how to keep away from mortgage loan scams by calling 1-888-995-HOPE or going to the web site at http://www.995HOPE.org,&quot said Hernandez.

HPF has formed a coalition with NeighborWorks America, HUD, Fannie Mae, Freddie Mac, and the Lawyers Committee for Civil Rights Below Law to curb foreclosure rescue scams. The Homeowner’s HOPE Hotline has a devoted team trained specifically to take information on reported foreclosure scams and perform with home owners to address any monetary concerns. This information is employed by local, state, and federal agencies to shut down unscrupulous organizations. 
The U.S. Government Accountability Office released a report in July 2010 entitled “Residence Ownership Preservation,” which warns: “The existing foreclosure crisis has offered persons who could perpetrate mortgage foreclosure rescue and loan modification schemes with unprecedented possibilities to profit from home owners desperate to save their houses.”

The report says that the most active scheme is one particular in which men and women or organizations charge a fee for solutions not rendered. In addition, the report said there are two other sorts of foreclosure rescue and loan modification scams that are frequent: advance-fee loan modification schemes and sales-leaseback schemes, with advance-charge schemes getting the most common. The U.S. Federal Trade Commission not too long ago reported on a new twist on the advance-fee scam–a forensic mortgage loan audit.

Scams aren’t constantly easy to spot – but it assists if to know what to appear for. Right here are Six Warning Signs of a Foreclosure Scam:

1.