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NANAY Launches Loan Scam Alert Campaign February 28, 2011 - Miami, Florida
Loan modification scams are proliferating at a rapid pace.
On February 20, 2011, during the Chinese New Year Celebration at
the Kendall Campus of Miami-Dade College attended by more than 5,000
people, NANAY launched its Loan Scam Alert Campaign by distributing
flyers and warning homeowners facing foreclosure to avoid traps,
including falling victim to loan modification scammers.
There are six red flags to indicate that you may be dealing with a loan
modification scammer
(http://www.loanscamalert.org/things-you-should-know.aspx)
:
1.
A company/person
asks for a fee in advance to work with your lender to modify, refinance
or reinstate your mortgage. They may pocket your money and do little or
nothing to help you save your home from foreclosure.
2.
A company/person guarantees they can
stop a foreclosure or get your loan modified. Nobody can make this
guarantee to stop foreclosure or modify your loan. Legitimate,
trustworthy HUD-approved counseling agencies will only promise they will
try their very best to help you.
3.
A company/person
advises you to stop paying your mortgage company and pay them instead.
Despite what a scammer will tell you, you should never send a mortgage
payment to anyone other than your mortgage lender. The minute you have
trouble making your monthly payment, contact your mortgage lender.
4.
A company pressures
you to sign over the deed to your home or sign any paperwork that you
haven't had a chance to read, and you don't fully understand. A
legitimate housing counselor would never pressure you to sign a document
before you had a chance to read and understand it.
5.
A company claims to
offer "government-approved" or "official government" loan modifications.
They may be scam artists posing as legitimate organizations approved by,
or affiliated with, the government. Contact your mortgage lender first.
Your lender can tell you whether you qualify for any government programs
to prevent foreclosure. And, remember, you do not have to pay to benefit
from government-backed loan modification programs.
6.
A company/person you don?t know asks
you to release personal financial information online or over the phone.
You should only give this type of information to companies that you know
and trust, like your mortgage lender or a HUD-approved counseling agency
Loan Scam Alert flyers are now available
in English, Chinese, Vietnamese and Korean languages.
Individuals who have been victims of loan rescue scams or are at-risk of
foreclosure may contact NANAY at (305) 981-3232 or
1-888-271-7155,
or they may call any Department
of Housing and Urban Development certified
foreclosure counseling agency in their area to receive free assistance.
ABOUT NANAY-CEDC and National CAPACD: NANAY Community Economic Development Corporation (NANAY-CEDC) , a HUD-approved counseling agency and organizational member of the National CAPACD Network, was established in 2004 as a 501(c)(3) affiliate of NANAY Inc. to promote affordable housing, community development programs and education for low to moderate income individuals and disadvantaged families. Its current programs include first time homebuyer education, housing counseling, financial literacy, loan mitigation and foreclosure intervention.
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