NEVADA COUNTY AVOID LOAN MODIFICATION SCAMS

We have all heard about the mortgage scams lately in the news. Well you can protect yourself if you're aware of the red flags and remain suspicious of any deal that seems too good to be true.

First, one of the telltale signs of a loan modification or mortgage scam is the request for an upfront fee. No legitimate program requires that you pay a fee prior to undergoing a loan modification and receiving assistance. In Grass Valley we have many lending institutions where you can get additional help if need be.

Additionally, those who solicit mortgage relief door-to-door, via fliers at Starbucks or on telephone poles along Highway 49, are likely to be involved in fraudulent services. And if you're ever offered help that requires you to make payments to anyone other than your lender, or relinquish ownership of your property, beware. Get their phone number and call the Grass Valley Police.

The best thing to do when experiencing financial hardship is to contact your lender directly and ask for help; sometimes they'd rather take a smaller loss on a home by reducing your mortgage than a big one as a result of short sale or foreclosure. And remember, if you can't work out a deal with your lender, selling your home for a fraction of its original value is still a better option than losing it, to a scam artist.

Scott Hopper - Realtor, 530.477.2277