7 ways to avoid foreclosure
scams By Jay
MacDonald • Bankrate.com If you find yourself in a bind,
resist the urge to do anything rash. Follow these tips from the National Consumer
Law Center.
Don't panic. Get detailed information about the deadlines you
face in resolving your problems. Pay special attention to the date
on which you would lose legal right to ownership.
Never sign a contract under pressure. Take your time, and consult
a lawyer if possible.
Never sign away ownership via a quitclaim deed or other means
without consulting a lawyer. Be especially suspicious of offers
to lease back your home, in order to buy it back over time. These
offers are weighted against you.
Never make your mortgage payments to anyone other than your lender.
If you can't pay, do not ignore warning letters from your lender;
contact them instead.
Beware of any home-sale contract in which you are not formally
released from liability for your mortgage. Make sure you know the
rights you are giving up and that you agree to give them up.
Don't sign anything with blank lines or spaces; information
could be added later without your knowledge and consent.
If you do not speak English, never use a "rescuer's"
translator. Instead, insist on using your own translator.
Source: National Consumer Law Center
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