Home Equity Theft Protection Act
I’m a hustler baby. I just want you to know.
It ain’t where I’m from, but where I’m about to go.
I wish all hustlers would approach me singing Jay-Z, so I know clearly who I’m dealing with. But they don’t. They don’t wear do-rags, or throw up finger signs. They definitely are not sittin on 20’s. (Ask your kids, if you don’t know what that means.) They wear suits, and have business cards and often come offering to help you.
That is why you need to know about the Home Equity Theft Protection Act. If you are behind on your loan, or in jeopardy of foreclosure you may get a phone call or knock on your door by a smiling person offering help. <=WARNING SIGN #1. They will offer to pay off your back debts for you. <=WARNING SIGN #2. All they ask in return is for you to sign over ownership of the house to them so they can “help” you. <=WARNING SIGN #3. They will rent you the house in the meantime. <=WARNING SIGN #4.
The problem is often they are not required to deed the house back to you. If they give you any money, it will be a fraction of the value of the house. They will take your house with a smile and you will spend the next couple of months in court trying to get it back. This scam known as “home equity theft” or “foreclosure rescue fraud.”
If you know of someone who is getting these calls call the Banking Department’s Consumer Helpline at 1-877-BANK-NYS (1-877-226-5697) and report it immediately. The Home Equity Theft Protection Act has provisions that allow you to get out of these contracts if you have signed one. If you have a scammer, the Banking Department will put the smack down on these criminals. ALWAYS ALWAYS use and attorney to sign any deals on your home. Do not use the scammer’s referred attorney. There is never an exception to this.
If you are having problems making your mortgage payments or are in default or foreclosure, contact your lender immediately. Lenders would generally prefer to work out a new payment plan, than actually go through the complex process of foreclosure. You can also call the Banking Department’s Consumer Helpline, at 1-877-BANK-NYS (1-877-226-5697) for more information on your options and resources. You always have a short sale as an option if you can’t work out your current mortage. If you need short sale help…AskRey.