BEWARE OF FORECLOSURE SCAMS!

Dear Readers,

As you know, my office is deeply involved in attempting to help people save their homes.  While Medina County is in far better shape than some other Ohio counties, we still had a record number of foreclosures last year and may have again this year.  We are meeting daily with homeowners, many of them individuals who have not missed a payment yet, but don't see how they can continue to pay their mortgage in light of the loss of a job or some other difficulty.  When people get desperate, they do things they might otherwise not.  Each day we  hear someone say that they were scammed.  So here are a few warning signs that you need to watch out for when seeking help.

First, the old adage, "If it's too good to be true, it probably is," is very wise.  When that warning bell rings in your head, stop whatever you are doing and listen to it.  Don't do anything until you have thoroughly researched the company or individual you are working with. 

Second, if it costs you money to proceed, walk away.  Programs like ESOP that my office is working with, have been researched and have a proven track that includes the endorsement of the State Treasurer.  ESOP does not charge; they work from grants.  Please don't spend any of your precious capital on what may very well be a scam!  We have several families who have paid to have work done that they could have done for free, or where the scam artist walked away with the money once they had it in hand.

Third, know what they are suggesting and what you are signing.  Do NOT sign blank forms or let someone else fill out your paperwork.  Many a homeowner has signed away their home to a scam artist.

Fourth, beware of agents who say they will sell your house quickly.  Some of these people work with investors who are going to give you the lowest price they can get away with to get your house.  Make sure you work with reputable real estate agents!

Fifth, avoid low-interest mortgage loans on the phone or Internet.  The caller gains your confidence and then gets vital information such as your Social Security number and bank accounts.  The loan is quickly transacted (on the phone or on-line) and you start faxing the documents they need and sending wire transfers to close the deal.  Never give out your Social Security number or bank account numbers to anyone on line or over the phone!  NEVER a good idea, always a sign of trouble.

There is tons of information on line about scams.  Please take the time to research this important subject to protect you, your home and your assets. 

Have a great week!

Sincerely,
Michael E. Kovack
Medina County Auditor