What to Do if You Are a Victim of a Foreclosure Rescue Scam

A foreclosure rescue program could potentially assist you when you are at risk of losing your home. Unfortunately, there are many foreclosure rescue scams out there that are designed to take advantage of unsuspecting homeowners. Here are a few things to consider about foreclosure rescue scams and what you should do if you are the victim of one.

What Is a Foreclosure Rescue Scam?

A foreclosure rescue scam could take many different forms. One common example of a foreclosure rescue scam is when someone asks for an upfront fee in return for helping you modify your existing mortgage. Instead of helping you, he or she takes the money and runs. Another common scam involves a foreclosure rescue company's asking you to transfer over the title to your home temporarily in order to help you save it. However, they end up keeping the home and kicking you out. Regardless of the form of foreclosure rescue scam, the bottom line is that someone is trying to take advantage of you when you are very close to losing your home.

Identify That You Have Been Taken Advantage Of

The first thing that is required is for you to realize that you have been the victim of a scam. While there are some legitimate companies out there, there are some ways to tell if you have been scammed. If you have paid anyone a large fee with the expectation of saving your home, there is a good chance that you were taken advantage of. Determine how long it has been since you last spoke to a representative from the company. If you try to get in touch with them and you are unable to do so, this is another sign of a scam. Many people do not want to believe that they have been taken advantage of and therefore do not ask for help. Once you figure out that you have been scammed, it is time to move into action.

Consult a Real Estate Attorney

A real estate attorney can provide you with valuable service in this area and help you determine what options you have. Explain your story to the real estate attorney and see what he or she recommends. You might be able to sue the company that you dealt with for damages.

Contact the FTC

If you have been scammed, you need to contact the Federal Trade Commission and file a complaint. The FTC works to help consumers that have been taken advantage of in many different areas. They may be able to help you resolve your issue and make sure that the scammers are appropriately punished. You can contact them through their website or over the phone in order to report a complaint.

Better Business Bureau

You should also consider filing a complaint with the Better Business Bureau. This will help others in your area avoid being taken advantage of by the same company.