Indiana Homeowners Warned About Foreclosure Scams

Homeowners in Indiana, including those in other states, need to be wary about people claiming they can save foreclosed houses, particularly if they demand cash payment before starting their service.

Experienced swindlers know that homeowners in danger of foreclosure are desperate and therefore open to all kinds of remedies that will save them from losing their homes. Usually, foreclosures are filed after borrowers miss three or more monthly payments. It is during these times that borrowers are approached by shady companies labeling themselves as foreclosure assistance agencies or foreclosure rescue firms.

These rescue agencies usually present the distressed homeowners with a repayment scheme that appear to have been approved by the mortgage lenders. But after they have received a sizable amount of upfront payments from homeowners, they close their offices and then vanish.

Some swindlers offer sell-rent-buyback arrangements too attractive that homeowners sign deeds of sale, allowing the swindlers to reloan using the remaining equities of the targeted houses and then disappear.

Homeowners should be immediately suspicious of people initiating contact and who are overly concerned about the rescue of repossessed houses. Con artists also insist that they should only be the ones contacted while the foreclosure process and rescue arrangement are being negotiated.

Furthermore, Indiana homeowners are advised to check with the Indiana State Department’s Securities Division before giving money to people claiming they are mortgage brokers or foreclosure experts. They can also check the department’s certified lists at www.indianainvestmentwatch.com.

Lastly, troubled borrowers should check the web site of the U.S. Housing and Urban Development at www.hud.gov and look for Indiana-based counseling agencies certified by HUD. They should also contact the Indiana Foreclosure Prevention Network at 877-GET-HOPE. Both of these agencies offer free advice on how to avoid foreclosure and provide information on how to connect with HUD-certified foreclosure counselors that offer free assistance.

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