New Short Sale Scams – Beware of Who You Send Your Mortgage Payment To!
Short sale scams are still cropping up. One of the latest that has come to our attention “stop paying your mortgage to the bank and send it to us and we will modify your loan, and if we are not successful, then we will have your work with a real estate firm to implement a short sale”.
Please, please do not fall for this. No one and I mean NO ONE should be advising you to stop paying your mortgage. And above all do not send your payments to anyone but the lender who is servicing your loan. I thought we were past all of this nonsense and no one would be “stupid” enough to try and bamboozle people. But again, I am just so naive.
Do not pay anyone upfront fees to help you modify your loan or conduct a short sale. Make sure you are dealing with professionals who will be negotiating your short sale, i.e. licensed real estate agents or attorneys.
Regardless of who offers to help you either modify your loan or conduct a short sale – ask for credentials. Check them out with the Better Business Bureau, and if a real estate agent, contact the Dept. of Real Estate to validate they in fact hold a real estate license in good standing and check their DRE License number.
Filed under: Real Estate
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