Pretty much everyone should know by now, the numbers of homeowners dealing with foreclosure are escalating. A large number of homeowners are having issues making their mortgage payments and are a skipped payment or two away from a notice of default.

Many people will consider any option to try and spare their house from foreclosure. This paves the way to scammers. The fact is, mortgage modification and foreclosure rescue scams are sprouting up everywhere. As a homeowner you ought to know that they’re out there and what to check for in order to avoid them. A scammer cannot only cost you money but will set you back vital time that you could use in order to save your house or prepare to move. You need reliable information on foreclosure or the short sale procedure in a timely manner.

A large number of the ads you’ll see will claim that they can spare your home from foreclosure or bring down your house payment to an comfortably affordable level. In addition they insinuate that they are connected to a government program or enjoy a direct line to your financial institution. They don’t.  Certainly, there are trustworthy companies around that legitimately make an effort to aid homeowners but, unfortunately, there exists a high number that are basically scams.

Scammers are fairly easy to recognize simply because they invariably request money before rendering their services. But, they have some other tactics as well. Look for these clues:

1. Someone who demands money in advance before they actually do anything. A lot of states have recently passed laws regulating money paid upfront for mortgage modification or foreclosure services. A great rule of thumb is usually to not pay for anything upfront.

2. The scammers have ways of tracking down homeowners which may have skipped payments or have their houses scheduled for auction. They then target these house owners understanding that they’re more susceptible since they are in a distressed situation. If you are one of these homeowners be extra vigilant in any dealings you have with foreclosure rescue or mortgage modification companies.

3. Some scammers will try to get you to sign the deed to your house to them claiming they’ll make the payment on your property. They won’t.

4. Never make a mortgage payment to any person other than your lender. More than likely, you won’t see that money again and neither will your lender.

5. Be aware of the phrasing of certain commercials which make it sound as if they work directly with a government bailout program. They in all likelihood don’t. They quite likely simply wish to make you another high fee, high interest consolidation loan which might only buy you a little time at great cost.

Ok, so what if you have been recently scammed? Well, you can report the matter to the Federal Trade Commission (FTC). They’ve got a web based complaint assistant and have a hotline at 1-877-FTC-HELP. You can also find good information pertaining to foreclosure or short sale consequences online.

Addititionally there is the NeighborWorks America group that educates the public about loan modification scams. The best way to avoid these scams would be to get educated on the many sorts of scams and be very wary of anybody offering to help modify your loan or save your house from foreclosure.

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