If you are a homeowner and need repairs, or are falling behind in your mortgage payments, be very careful not to borrow money out of desperation. It may cause you to lose your home. Beware of advertisements on TV, in newspapers, or that arrive in the mail that offer fast cash as a home equity loan.
Long Island Housing Services, Inc. is certified by the United States Department of Housing and Urban Development (HUD) to provide mortgage counseling, including prevention of predatory lending that may cause you to lose your home. There is never any charge for our services-we are a non-profit fair housing agency funded by charitable donations and government contracts.
Home Improvement scams often go door to door asking people if they want home repairs. Some promise to provide financing for you, regardless of your credit history or income. In many cases they are looking out for their own interests, not your, and will provide you with shoddy work and an expensive loan.
Few things can be as unsettling as falling behind on your mortgage or getting into debt. Scam artists realize this, and see it as a perfect opportunity to take advantage of people. If you fall behind on your mortgage payment or property taxes, or find yourself in debt on your credit cards, utilities, or other bills, you may receive mailings and/or visits from mortgage lenders or brokers who offer to provide refinancing and lower monthly payments. Once the papers are signed, you may find that the loan and the monthly payments are much higher than expected and are often more than you can afford.