BBB gives homeowners facing foreclosure advice

Across the U.S., homeowners facing mortgage foreclosure are being scammed by foreclosure "rescue" companies promising to save their house but that only take their money.

"These people will be in the desperate position of trying to save their home and they'll look for someone to trust," said Michael Clayton, President/CEO for the Better Business Bureau in Southeast Texas.

"Unfortunately, con artists are seeing their chance to step in and make a fast buck off of troubled homeowners from Palm Springs to Pittsburgh," continued Clayton.

Homeowners report they were either contacted by a mortgage foreclosure rescue company or came across a Web site while searching for help.

Companies claimed they would renegotiate the terms of their mortgages and stop foreclosure actions, or the homeowners would get their money back.

Yet, companies did little work or often nothing at all.

The BBB offers the following advice for homeowners facing mortgage foreclosure:

• Contact your BBB to request a free Reliability Report before paying any "rescue" company. You can also check with your state Attorney General and state Real Estate Commission.

• Beware of the personal approach. Some businesses will stuff a handwritten note in your mailbox that implies that "help" is available from someone who has your best interests in mind.

• Talk to your lender. The first thing you should do is talk to your mortgage company about how to restructure your loan payment or refinance.

• Never sign a contract under pressure and never sign away ownership of your property.

• If you feel you have been taken advantage of by an mortgage foreclosure "rescue" company, file a complaint with your BBB at www.bbb.org.

For more information go to www.bbb.org or call 835- 5348.