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Protecting yourself from mortgage fraud

As people embrace a new year, they start planning out the goals that they want to accomplish. For some people in Davidson, they may feel that this is the year to get their finances in better shape. One way to do this is to restructure a mortgage or seek help from a company that promises they can help them deal with their large payments. However, national agencies have found that many of these companies are nothing more than a scam - out to make money off of people who are struggling to do the right thing. Therefore, it is important for people to take steps to protect themselves from mortgage fraud.

The FBI states that many times, these types of companies will never actually meet with homeowners in person. Instead, they reassure people that they can do everything by fax, email or phone, thereby making it more convenient. However, in many cases this is only a way to keep homeowners ignorant of the fact that the company is far from legitimate. Homeowners should also check and make sure that company staff are actually accessible before they provide any personal information. Many of these companies will instruct their employees to use wireless cards, create fake accounts for prepaid phones, establish a fake email account and give a fictitious last name.

Homeowners are warned by the United States Department of Justice that mortgage rescue companies advertising through TV, flyers, the Internet and other mass marketing methods should be approached with caution. Additionally, homeowners should also be wary if these companies try to advise them to stop making mortgage payments, try to get them to transfer over the home's title to the company or send the company their mortgage payments. Monthly fees, upfront bills and contracts are also another red flag that the company may be a scam. 

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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