Video issues warning about foreclosure scams - WMC Action News 5 - Memphis, Tennessee

Reported by Jason Plank

Video issues warning about foreclosure scams

(Freddie Mac - YouTube) (Freddie Mac - YouTube)

If you are having trouble making your mortgage payment, be on the lookout for scammers trying to take your home, experts say.

An video posted on YouTube by Freddie Mac shows just how easy it is for a scammer to steal a home.

The video shows how a typical foreclosure notice is public record.  A crook will make a copy of your foreclosure notice, and then contact you, pretending to be the answer to your problems.

The person will come to your home and give you a huge pile of papers to sign.  A typical scammer will tell you the documents will help you save your home, but they actually transfer the deed to your home to the other person.

This allows the scammer to take out an even bigger loan on your home, and leave you with the debt.

Experts say if you get a foreclosure notice, contact your lender.  Talk to them about payment plans so you can save your home.

To see video Freddie Mac posted on YouTube, click here.

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