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Watch out for mortgage scams

When you receive letters in the mail or calls over the phone offering you deals that are too good to pass up, we offer this word of advice. Run. Run fast and call the better business bureau or check with the Wisconsin Attorney General's office of consumer protection and antitrust unit. Especially when they are making offers to "fix" mortgage problems, reduce payments or consolidate debt, there is a strong chance there may be fraud in the mix.

One man in Milwaukee received a letter that announced he was eligible for a mortgage loan program. The letter appeared to be legitimate and it included logos used by the U.S. Department of Housing and Urban Development (HUD) and the California Department of Fair Employment and Housing.

Sadly, their "help" virtually destroyed his mortgage and almost cost him his home.

Others have been forced into bankruptcy after being "assisted" by such frauds. These scams often demand money up front, which is a clear warning that something is not correct.

When a financial disaster strikes you, such as a divorce, job loss or reduced hours, or health issues that either bring large bills, cause reduced income, or more often both, you need to avoid this "fixes" that can too frequently devastate what is left of your finances.

If you are missing payments and falling behind on credit card debt and your mortgage, you should consider discussing your situation with a bankruptcy attorney who can help you determine if your situation has become so dire that only bankruptcy can truly solve your issues.

Source: urbanmilwaukee.com, "Mortgage Scammers Can Financially Ruin Homeowners," Matthew Wisla, June 18, 2015

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