Fed Continues Foreclosure Scam Preventionby Tim Manni
As part of their “5 Tips” series on avoiding foreclosure scams, the Federal Reserve Board issued some additional tips to help “consumers select a reputable counselor and avoid fraudulent foreclosure scams.”
Some of Fed’s latest tips include:
- Work only with a non-profit HUD-approved counselor. For a list of certified counselors visit www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 877-HUD-1515 (877-483-1515). If the name of the organization you are working with isn’t on the list, then switch to one that is.
- Don’t pay an arm and a leg. Most housing counselors provide no- or low-cost counseling services. You should not have to pay hundreds, or thousands, of dollars for assistance.
- If you feel you are a victim of foreclosure fraud, trust your instincts and ask for help. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the Consumer Action Website.
For additional foreclosure resources, be sure to visit our page “Foreclosure Help: What You Need to Know and Where You Need To Go.”