Potential for More Scams Following New Initiatives

With all the buzz after the multistate settlement regarding potential relief to homeowners, the ""Texas Foreclosure Prevention Task Force"":http://www.tdhca.state.tx.us/homeownership/foreclosure/task-force.htm (TFPTF) reminded consumers to be cautious of potential scams.

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""It's getting harder to identify the good guys from the bad guys,"" said David Long, co-chair of the TFPTF.

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Long added that homeowners who are eligible for an independent foreclosure review may be contacted directly by their mortgage servicer.

Borrowers will also not know immediately if they are eligible for relief, and borrowers from Oklahoma will not be eligible for any relief under the multistate settlement, according to the ""National Mortgage Settlement"":http://www.nationalmortgagesettlement.com/ website.

The TFPTF also said there is no cost to participate in an independent foreclosure review or the mortgage settlement process. If a homeowner is contacted by an organization charging a fee for services related to those initiatives, the national HOPE hotline is available to report potential scams at 1-888-995-HOPE.

Homeowners also have the option of contacting a ""HUD counselor"":http://www.hud.gov/offices/hsg/sfh/hcc/fc/ at no cost if they are facing foreclosure or have questions about the initiatives.

Only homeowners whose primary resident was foreclosed on between January 1, 2009 to December 31, 2010 and whose loan was serviced by a participating servicer may be eligible for an ""independent foreclosure review"":http://www.independentforeclosurereview.com/.