Ruth Barbour, a 77-year-old North Carolina woman, is an unfortunate victim of a foreclosure rescue scam.
Barbour was falling behind in the mortgage payments for a house her son had purchased, according to the CharlotteObserver.com. She was solicited by a company called PFY International Inc., which offered to buy the house for $600. To avoid a foreclosure, Barbour agreed to the low price and signed a contract.
She didn’t realize, however, that the contract she signed did not transfer ownership of the house.Even though PFY International Inc. collected money from renters, they did not make mortgage payments to Barbour’s lender. As a result, Barbour is now even further behind in her payments to the mortgage company.
Experts recommend avoiding foreclosure rescue programs that seem too good to be true, or those that demand high upfront fees. Many scammers solicit via direct mail, which is how PFY International contacted Barbour.
If you are falling behind on mortgage payments and trying to prevent a property foreclosure, your best bet is to contact your lender or a government-approved mortgage counselor. Your lender can direct you to legitimate housing agencies, and they may actually be willing to renegotiate your loan to lower your monthly payments.
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