As previously reported in FDIC Consumer News, many homeowners having difficulty making their monthly mortgage payments are being targeted by criminals who charge large upfront fees and falsely "guarantee" to rescue a home from foreclosure. In some of the worst cases, homeowners have become victims of identity theft or were tricked into signing away their ownership of a house. Because mortgage rescue scams continue to be a big problem, we offer our latest tips on how to protect yourself.Click here for more FDIC information.
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The possibility of losing your home because you can’t make the mortgage payments can be terrifying. Perhaps you’re having trouble making ends meet because you or a family member lost a job, or you’re having other financial problems. Or maybe you’re one of the many consumers who took out a mortgage that had a fixed rate for the first two or three years and then had an adjustable rate – and you want to know what your payments will be and whether you’ll be able to make them. Continue reading.
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Information about your first mortgage, such as your monthly mortgage statement.
Information about any second mortgage or home equity line of credit on the house.
Account balances and minimum monthly payments due on all of your credit cards.
Account balances and monthly payments on all your other debts such as student loans and car loans.
Your most recent income tax return.
Information about your savings and other assets.
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources.
It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.