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OCC Offers Tips to Avoid Mortgage Modification and Foreclosure Avoidance Scams

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a consumer advisory to help homeowners avoid scams that claim to help them save their homes, but can cause them to lose their homes and their money.

Con artists prey on homeowners who are falling behind on their loans in many ways. For instance, they may tell consumers to stop paying their mortgages while the con artist works out a modification agreement with the lender and they may require payment of large up-front fees for their "services." In reality, the scammer pockets the money and never provides the promised services. In some schemes, homeowners have been conned into transferring title to their homes. They may be told that they will be able to lease back or buy back their homes, but the terms of the rent-to-buy agreements are so burdensome that the homeowners are unable to repurchase their homes. Recently, scam artists have also tried to take advantage of the federal government's mortgage modification and foreclosure avoidance programs by claiming to be connected with, or approved by, the government in some way.

The OCC's Consumer Advisory offers a list of warning signs that a person or company may be perpetrating one of these scams, and a list of resources to contact for legitimate help. It also reminds consumers having difficulty paying their mortgages that they should always start by contacting their lender or servicer to discuss alternatives their options.

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It’s important to get in touch with your lender as soon as possible when you start having trouble making house payments. In many cases contacting a lender early in the process will make it easier for you to work out a plan to help you get back on track, depending on your situation and how far behind you are.

Also, be careful who you go to for advice, and beware of scam artists or people trying to take advantage of your situation. Working with a Certified Housing Counselor is a good way to make sure the advice you receive is accurate, reliable, and appropriate. You can find a Certified Housing Counselor near you by using our Housing Counselor Search tool. Remember, some housing counselors may charge a fee, so be sure to ask whether their services are free when you contact their office.

For more detailed information about preventing a foreclosure on your home, please click on each of the topics listed in the left navigation bar. Remember, the sooner you act, the better your chance of saving your home.