Watch out for Loan Scams

When it comes to avoiding Loan Scams, the best protection is good information. The Independent Community Bankers of America has compiled a list to help consumers know how to protect themselves against fraudulent offers of foreclosure relief. Patriot CEO and President Charlie Howell notes, "There are still many scams out there that promise to help consumers avoid foreclosure or refinance their existing mortgage to a lower rate. It's important to know the warning signs so you don't wind up doing business with an unscrupulous person or business. First and foremost, if you are having financing troubles, you should contact your mortgage lender immediately."

Protect Yourself:

Top ten tips from your Patriot Banker

Be wary of any person or company that does the following:

• Guarantees to stop the foreclosure process - no matter what your circumstances.
• Instructs you not to contact your lender, lawyer, credit or housing counselor.
• Collects a fee before providing you with any service.
• Accepts payment only by cashier's check or wire transfer.
• Encourages you to lease your home so you can buy it back over time.
• Tells you to make your mortgage payments directly to them, rather than your lender.
• Tells you to transfer your property deed or title to them.
• Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of the sale.
• Offers to fill out paperwork for you.
• Pressures you to sign paperwork you haven't had a chance to read thoroughly or that you don't understand.

If you think you have been a victim of a scam, contact the State Attorney General's office immediately to file a complaint and learn the next steps to take.