Business Bureaus in the United States and Canada on Monday issued an alert to help combat the growing incidences of real estate fraud.
The BBB offers the following tips for homeowners whose mortgage is in arrears or who are facing foreclosure:
• Read everything before you sign and get all verbal promises in writing. Some schemers will offer to complete paperwork for you, or ask you to sign a stack of documents, supposedly to secure a new mortgage. Victims later learn that they signed a quit-claim deed in which they gave away ownership of their home.
• Beware the personal approach. Some less-than-ethical businesses will stuff a handwritten note in your front door or mailbox that implies that help is available from someone you know or who has your interests in mind. Foreclosure scam artists know exactly what neighborhoods to blanket with their offers.
• If people describing themselves as "foreclosure rescuers" or mortgage brokers" instruct you not to contact your mortgage company or your attorney, be wary. You should be in touch with your mortgage company to explain payment problems and your lawyer is the only individual obligated to represent your rights.
• Never sign a contract under pressure and never sign away ownership of your property. Remember, signing over your deed to someone else does not necessarily relieve you of a loan obligation. Ask a trusted family member, attorney or a financial professional to review any paperwork you are asked to sign.
• Before agreeing to any deal, contact your local BBB for a report on the company and check with your state attorney general and state Real Estate Commission. On the Treasure Coast, call the BBB office in Port St. Lucie at (772) 335-2017.
For additional information, call (800) 834-1267 or visit www.bbbsoutheastflorida.org.
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