Work only with a nonprofit, HUD-approved counselor.

If you are looking for help to prevent foreclosure, be sure the counseling agency is on the Department of Housing and Urban Development's list of approved agencies. Visit HUD's website for an easily searchable list of HUD-approved housing counseling agencies, or call 877-HUD-1515 (877-483-1515) for more information. If you are approached by foreclosure counselors--by mail, phone, or in person--make sure the counseling agency is HUD-approved before you do business with them.

 Don't pay an arm and a leg.

You should not have to pay hundreds--or thousands--of dollars. Most HUD-approved housing counselors provide no-cost counseling services and many more provide low-cost counseling. Do not agree to work with a counselor who collects a fee before providing you with any services or who accepts payment only by cashier's check or wire transfer. In general, do not pay money to anyone unless you know exactly what services you will receive.

 Be wary of "guarantees."

A reputable counselor will not guarantee to stop the foreclosure process, no matter what your circumstances. Working with a legitimate counselor can certainly increase your chances of keeping your home--but be wary of people who promise a sure thing. Again, get the details of your transaction, along with any promises, in writing first.

 Know what you are signing--and be sure you sign it.

Don't let a counselor pressure you to sign paperwork you haven't had a chance to read through carefully or that you don't understand. Don't sign any blank forms or let "the counselor" fill out forms for you. Be sure to talk with an attorney before signing anything that transfers the title of your home to another party.

 If it sounds too good to be true, it probably is.

If you feel you may be the target or victim of foreclosure fraud, trust your instincts and seek help. For tips on spotting scam artists, visit the Federal Trade Commission's webpage on foreclosure rescue scams. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the laceName w:st="on">Federal CitizenlaceName> laceName w:st="on">InformationlaceName> laceType w:st="on">CenterlaceType>'s Consumer Action Website.

My Father is 68 years old and wants to purchase his first home.  Can he get a loan?

Under the Equal Credit Opportunity Act, a creditor may not discriminate on the basis of sex, race, color, religion, national origin, marital status, age, or source of income in any credit transaction.

Date
Your Name
Your Address, City, State, Zip Code

[Credit Bureau Name]
laceName w:st="on">AddresslaceName>
laceType w:st="on">CitylaceType>, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. I have circled the items I dispute on the attached copy of the report I received.

This item (identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.) is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be removed (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records and court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,
Your name

Enclosures: (List what you are enclosing.)

What can I do if a company won’t correct information I dispute on my credit report?

If an investigation doesn’t resolve your dispute with the consumer reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the consumer reporting company to provide your state­ment to anyone who received a copy of your report in the recent past. You can expect to pay a fee for this service.

If you tell the information provider that you dispute an item, a notice of your dispute must be included any time the information provider reports the item to a consumer reporting company.

The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.

From the FTC:

Recognize Phone Fraud

Every sales call you get by phone is an opportunity for a gut check: Ask yourself these questions — and if the answers give you some doubt about the caller’s intentions or methods, end the call.

Who’s calling — and why? Telemarketers must tell you it’s a sales call, the name of the seller and what they’re selling before they make their pitch. If they don’t, say “no thanks,” and get off the phone.

What’s their hurry? Fast talkers who use high pressure tactics could be hiding something. Take your time. Most legitimate businesses will give you time and written information about an offer before asking you to commit to a purchase.

If it’s free, why are they asking me to pay? Question charges you need to pay to redeem a prize or gift. Free is free. If you have to pay, it's a purchase - not a prize or a gift.

Why am I “confirming” my account information — or giving it out at all? Some callers have your billing information before they call you. They’re trying to get you to say “okay” so they can claim you approved a charge.

What time is it? The law allows telemarketers to call only between 8 am and 9 pm. A seller calling earlier or later is flouting the law.

Do I want more calls like this one? If you don’t want a business to call you again, say so. If they call back, they’re breaking the law.

Report Phone Fraud

Recognizing fraudulent callers is important; reporting them to the appropriate law enforcement authorities is critical, too. When you report, you can help stop telephone scammers. Report telephone hucksters to the FTC and your state Attorney General so they can prosecute fraudulent telemarketers who try to steal your money.

If your number is on the National Do Not Call Registry, you should get calls only from those companies with which you do business — or those that have your permission to call. If you get calls from a company you don’t have a relationship with — or from a company you have told not to call you — report it. Jot down the name and number of the caller, and the date and time of the call.

To report phone fraud, visit FTC.gov or call 1-877-FTC-HELP.

To report violations of the National Do Not Call Registry, visit DoNotCall.gov or call 1-888-382-1222.

Your complaint is entered into the Consumer Sentinel Network, a database that is used by law enforcement agencies across the country and around the world. It can help them track down scam artists, detect patterns in their calls, find other victims, and ultimately, stop the fraud.

Register Your Number

You can limit the number of telemarketing calls you receive by placing your phone number on the National Do Not Call Registry. Once your number is registered, feel free to hang up if you get a cold call from a company with which you don't already do business — or report it!

You can register your phone number at DoNotCall.gov, or by calling 1-888-382-1222 (TTY: 1-866-290-4236) from the number you wish to register. If you register online, you must click on the confirmation email you receive to complete your free registration.

Your registration will not expire. Your number is on the list until you take it off, or your number is disconnected and re-assigned to someone else.

Placing your number on the Registry stops most telemarketing calls, but not all. Once your number has been on the Registry for 31 days, you still may get calls from, or on behalf of:

• Political organizations, charities, and pollsters
  
• Companies with whom you have an existing business relationship
• Companies you’ve given permission to call

Companies that you do business with may call for 18 months. If you ask a company for information, it may call for three months.

The Registry accepts personal cell phone and home phone numbers. Federal Communications Commission regulations prohibit the use of automated dialers to call cell phone numbers, so most telemarketers won’t cold-call consumers on their cell phones – despite urban myths and emails to the contrary.

Telemarketing fraud is a crime.

Professional criminals posing as legitimate telemarketers try to worm their way into your wallet. They are very good at what they do: their “pitch” is perfect, their tone is friendly and sincere, and their answers to your questions seem to make sense. It’s no wonder that consumers, regardless of their age, education or experience, can fall for telemarketing frauds.

By learning how to recognize and report telephone fraud, you can help stop some scams – and if you put your phone numbers on the National Do Not Call Registry, you can reduce the number of unwanted telemarketing calls you get.

Check ftc.gov/phonefraud for information about:

• Buying Club Memberships
• Charities and Fundraising
• Credit & Loan Offers
• Government Grant Scams
• Identity Theft & Telemarketing
• Medical Discounts Plans
• Reloading Scams
• Sweepstakes & Lotteries
• Travel Scams
• Work-at-Home & Business Opportunities

To learn more about how to recognize and report phone fraud, and how to place your phone number on the National Do Not Call Registry, go to ftc.gov/phonefraud.

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. 

Did You Know?

 

The new credit card law that was passed requires credit card companies to apply any payment amount that exceeds minimum amount due to balances with higher interest rates first. This applies if you have a credit card that has different rates for different type of purchases. 

 

It use to be that most credit card companies would take the amount after the minimum payment and apply it to the balance with the lowest interest rate. 

I rent a condo and my landlord is going into foreclosure. Do I have to pay rent?

 

I will say this, you cannot live rent free.  I know you can evict a tenant if he/she stops paying rent, no matter if the property is under foreclosure.  The landlord still has the right to collect rent and is owner of the property until it is sold.  Depending when the lease was signed and when the property went into foreclosure, the lease could be null and void.  Which gives you the right to move out without penalty or violating the terms of the lease not the right to live rent free.  Two wrongs don't make a right

 

This is not legal advice.  We do not give legal advice.  We suggest that you seek legal advice from an attorney or any other professional qualified to give it.    

How long will a foreclosure stay on my credit?

 

A foreclosure stays on your credit report for seven years.  It will take about two to three years after the foreclosure for you to obtain credit.  After saying that, I have witnessed that rare occasion of individuals getting credit within one year of their foreclosure.  Just keep your fingers crossed, I guess.

I receiveda letter from my lender stating that my house will be foreclosed on.  What do I do?

 

Don’t ignore the letter.  Reviewit and call your lender to discuss options available to you.  If the letter is from a third party do notcall them, call you lender to verify that it is affiliated with the party thatsent the letter. 

 

The only real options you have are Foreclosure, Short Sale, Deed-in-lieu(voluntarily returning the property to the lender), start making payments, orloan modification. 

 

If there is no chance of your financial situation changing Irecommend a short sale.  I know of acompany that buys them and negotiate with the bank on your part, so you won’thave to deal with them.