Getting a mortgage is difficult enough. Having that mortgage modified because your house has dropped in value can be a Minotaur's maze full of unscrupulous types looking to cash in on your uncertainty about the often complicated process.
To that end, the good folks at the Consumer Financial Protection Bureau — which is now taking complaints about mortgages — has drafted the following advice for avoiding scammers who only want to separate your money from your bank account:
1. Only your mortgage servicer has discretion to grant a loan modification. Therefore, no third party can guarantee or pre-approve your HAMP mortgage modification application.
2. Beware of anyone seeking to charge you in advance for mortgage modification services — in most cases, charging fees in advance for a mortgage modification is illegal.
3. Paying a third party to assist with your HAMP application does not improve your likelihood of receiving a mortgage modification. Accordingly, beware of individuals or companies that ask you for payment and tout success rates or claim to be "experts" in HAMP.
4. If an individual or company claims to be affiliated with HAMP or displays a seal or logo representing the U.S. government in correspondence or on the Web, you should check the connection by calling the Homeowner's HOPETM Hotline.
5. Beware of individuals or companies that offer money-back guarantees.
6. Beware of individuals or companies that advise you as a homeowner to stop making your mortgage payments or to not contact your mortgage servicer.
Applying to the federal Home Affordable Modification Program is always free and can be done on your own or with free help from a housing counselor approved by the U.S. Department of Housing and Urban Development.
For more information on how to apply, call the Homeowner's HOPETM Hotline at 1-888-995-HOPE (1-888-995-4673) or visit www.MakingHomeAffordable.gov.
Tips for avoiding mortgage modification scams [ConsumerFinance.gov]
If you're drowning in debt, chances are you're desperate enough to try anything.
That includes so-called "Debt Relief" services.
These bogus businesses hit radio airwaves and late-night infomercials to pose as knights in shining armor for consumers reaching the end of their money rope.
Don't worry, they say, pledging to slay the Big Bad Wolf (i.e.: your creditors) and help you live Happily Ever After – for a fee.
Here's a wake up call: This is a probably a lie.
The Federal Trade Commission just revamped regulations surrounding debt relief services, making it more difficult for them to dupe unwitting consumers into forking over cash for services they have no intention of rendering.
But it's still all-too possible to get tricked, so here are some red flags to look for:
Upfront fees. By law, debt relief companies can't collect fees until you've gotten what you intend to pay for. If they try to feed you a line of bull about down payments or holding fees, don't stick around to hear the rest of their sales pitch.
Shady timelines. The firm has to tell you how long you'll have to wait to see results, according to the FTC. If they're playing coy, they're probably up to something fishy.
Unclear pay scale. They're required by law to tell you how much their services cost upfront.
Fairytales. If they're painting a rosy picture of all the magical benefits you'll glean from their service without telling you the potential negative side effects, they're in the wrong. The new FTC rule makes it illegal to tell you the pros without the cons.
Now see 11 tips to help your credit score skyrocket >
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