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Protecting yourself against loan scams

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With more homeowners facing foreclosure due to the economy, the attorney general is working to protect consumers from loan scams. Since 2007 foreclosure scam complaints have risen drastically.

As part of the crackdown Roy Cooper filed suit against two California based companies. The companies promised North Carolina homeowners protection from foreclosure if they paid an up front cost. Attorney General Roy Cooper said that is the first sign the offer is probably a scam.

“If somebody wants up front money from you to help you with your debts, or to help you fight foreclosure, then smell a rat because they are in violation of the law right there and you can tell they are not on the up and up,” Cooper said.

Other signs a company might be trying to scam you:

They guarantee they can prevent foreclosure or stop creditors from coming after you.

Also you should not stop paying your mortgage at a company’s request.

If you are facing foreclosure, Cooper said it is worth trying to renegotiate with your lender for a better rate.

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Story summary

With more homeowners facing foreclosure due to the economy, the attorney general is working to protect consumers from loan scams. Since 2007 foreclosure scam complaints have risen drastically.

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