Avoiding Home Buying Scams: Essential Tips for a Safe Purchase
Learn how to steer clear of scams when buying a home by checking your credit, spotting deceptive loan ads, and avoiding scammers at closing. Get expert advice on protecting your rights, avoiding foreclosure scams, and finding free assistance for mortgage-related issues.
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Presentation Transcript
Avoiding a Scam When Buying a Home First name Last name | Date
Who We Are and What We Do Protecting Consumers Enforcement Consumer and Business Education Building Partnerships and Coalitions
Getting Started: Check Your Credit Get your free annual credit report Dispute any errors: ftc.gov/credit
Getting Started: Spot Credit Repair Scams Scammers will charge you up front Scammers tell you not to contact your creditors or the credit bureau Scammers tell you to lie Scammers don t explain your legal rights Scammers say they ll create a new identity ftc.gov/creditrepair
Shopping Around Compare rates and fees from several lenders or brokers Considering hiring a broker? Check them out
Shopping for a Mortgage: Spotting Deceptive Loan Ads Ads and offers may say: Low or fixed rate Very low payment Pay partial interest These might not be your best deal. And might be risky.
At Closing: Avoid Scammers Scammers may impersonate your loan officer They claim there s been a last-minute change They tell you to wire money to a different account. Don t it s a scam Contact your lender or broker
Paying Your Mortgage: Your Rights Struggling to make payments? Talk with your lender or loan servicer Looking for help with your debt? Don t pay upfront
Avoid Mortgage Foreclosure Scams Scammers charge you upfront Scammers want your money quickly Scammers want your deed
Getting Free or Low-Cost Help Legitimate counselors answer questions, help you plan HUD housing counselors MakingHomeAffordable.gov Homeownership Preservation Foundation at 995hope.org Homeowners Hope Hotline:1-888-995- HOPE (4673)
Report Fraud to the FTC English: ReportFraud.ftc.gov Spanish: ReporteFraude.ftc.gov
FREE Resources Learn about scams: consumer.ftc.gov Keep in touch: ftc.gov/consumeralerts Get print materials: ftc.gov/bulkorder
