If it weren't already bad enough, along come the scammers, trying to cheat the already desperate homeowners who are in trouble. As reported in the latest AARP Bulletin, be on guard against unsolicited help. It's a sad fact of life that some people actually grasp onto these cold-callers or cold-mailers in their foreclosure fears.
The truth is what it always has been __ know whom you are dealing with. Many times that means to stay local. Craigslist always warns that but if your bank or lender is distant, take the meaning figuratively. At least you know them, that beats a mail piece from Miami.
In some cases the offer to help amounts to giving title to the suspect "until things get better" at which time you can "buy the home back for nothing". Of course they don't say it like that but after all the fine print you end up homeless and they are on title.
Take heart if you are, or know somebody who is in dire straits with a lender. Just a few days ago President Bush signed into law a massive bail-out measure that will allow homeowners who are in trouble the chance to convert their troublesome mortgages into new 30 (or more) year government-guaranteed fixed-rate FHA loans (see previous story).
The National Foundation for Credit Counseling at 800-388-2277 is all set up to take calls and start the ball rolling. There is even a free home loan counseling service in Redding at 800-750-2227.
I don't know the details yet but the law appears to have two caps; one in dollars and the other in numbers of people (400,000) so the upshot is to get in line EARLY and get the process going.
And in the meantime, do NOT sign anything with people you do not know. This is especially true for online offers, mail offers, and anonymous phone calls. Just say "NO". Then call the 800 numbers above and get started.
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