At CSMC Mortgage, we’re dedicated to protecting our customers, and ensuring that they do not become victims of identity theft due to common mortgage scams. That’s why we’re sharing a mortgage forbearance warning released by the Ventura County District Attorney.
Due to the COVID-19 coronavirus crisis, many people throughout America are having trouble paying their mortgages, and are looking for help through forbearance. Applications for mortgage forbearance have jumped more than 2,000% since the beginning of the crisis.
Unfortunately, scammers are taking advantage of this crisis with forbearance, loan modification and mortgage scams. So here are a few simple steps you can take to avoid these scams and stay safe!
1. Never Pay Anyone To Negotiate Your Mortgage Payment For You
First, it is illegal for any person or entity to charge an advance fee to negotiate with your lender on your behalf. If you are approached about mortgage forbearance or assistance and the person requests a fee, ignore them, and do not use their services.
2. Contact Your Lender Directly For Forbearance Help
Most lenders have implemented forbearance and loan modification plans that can help you avoid foreclosure and keep your finances in order through the COVID-19 coronavirus crisis.
For example, the CARES Act passed by Congress includes a number of helpful programs for lenders who have FHA loans from the Federal Housing Administration, including a suspension on both foreclosures and evictions for FHA-insured single-family mortgages.
Even if you don’t have an FHA loan, you can contact your lender for assistance. Your lender will be able to walk you through any programs or options they have for you to explore.
3. Never Sign A Deed Or Title For Your Home Away To Anyone
There is never any need to transfer home ownership to any other person or entity as part of a legitimate forbearance or loan relief program.
4. Do Not Pay Mortgage Payments To Anyone Other Than Your Lender
Your lender is entitled to your mortgage payments. Nobody else is. If an “expert” in forbearance or mortgages claims that you need to pay part or all of your mortgage directly to them, they are lying, and attempting to scam you.
You could end up paying them, and still owing your monthly payment to your lender, too – which could put you in a very difficult financial situation, and potentially even lead to foreclosure.
5. Be Wary Of Advertisements For Mortgage Forbearance Assistance
You should be suspicious of any mailed advertisements, telephone advertisements, or online advertisements that are advertising mortgage forbearance assistance. There is a very good chance that the ad is a scam, or is misrepresenting the services that are being offered.
As mentioned above, the best way to get help if you can’t pay your mortgage is to contact your lender immediately to explore your options for forbearance, refinancing, and/or mortgage adjustments.
Take Note Of This Mortgage Forbearance Warning – Don’t Fall Victim To Scams!
“Faye helped me purchase my first home last year. She was very professional and worked very quickly to help me procure financing. She made herself available around my schedule and took the time to explain my options for financing to help me get the lowest rate possible. Would highly recommend her to anyone looking for someone that is professional, highly knowledgeable, polite, and responsive.”
- James Z.
“David Honda and his team rocked!! They had great technology that took so much of the pain of home buying away. They were attentive to our specific needs and were on top of our loan process! David was always available, even when he was in Hawaii, and super responsive! Thanks David, Melissa and the team for an easy and great home buying experience.”
- Raymond F.
“With this being my first home purchase, my loan officer was very good at explaining everything to me and helping me with all my needs. Thank you for having such great people in the right place!”
- Cathleen H.
“This review is about Mark and Darci Richardson from CSMC Mortage in Simi Valley. This team is the BEST! For the past 12 years our home was "underwater" due to the "crash" in 2007, and unable to do anything with the mortgage except pay it. These two kept on top of things and finally the house qualified to REFI. We just completed everything and it closed last week... and they saved us over $900 a month!! That's a huge savings for a couple of senior citizens! We are SO happy now and finally can breathe. Thanks to Mark and Darci and CSMC Mortgage for following through, jumping through all the hoops necessary and helping us out! I can't recommend them more... they are the BEST!!!”
- Shari S.
“These folks are conscience and easy to work with. The “calm” as the “storm” of home loans rolls through! I would not use anyone else. They make sure ALL your questions are answered, be that what competitors may have offered, or ads you may have heard or seen. What a pleasure to do business with. Thank you team CSMC.”
- Michael G.
“I had the best experience with CSMC Mortgage. Buying a home is very stressful with all of the paperwork that has to be filled out. Faye was amazing! I have given several people her contact info, who are scared to take the step to homeownership. She took ALL of the stress away for me. I honestly, didn’t have to do much. She accommodated my crazy work schedule and help me get things done in a timely manner. She made me feel so comfortable and at ease. There were no surprises when it was time to sign and pay. I highly recommend her to anyone in need of her services and guidance. I can’t thank her enough.”
- Lisa M.
“Baret Grigorian was amazing!! From start to finish Baret was there to help in every way. I never felt like I had to call him to follow up on my loan transaction and he always kept me informed. He was able to get me great financing rates, a lower payment AND money back! Thank you Baret!! I look forward to working with you again in the future!!”
- Kenny D.
“CSMC Mortgage took great care of us and our home buying needs. Tony was more than we could have ever asked for, he went above and beyond for us and we couldn’t have been more grateful for all his hard work. CSMC Mortgage has a great and friendly staff, I would highly recommend them to anyone looking into buying a home.”
- Jannet A.