Our previous blog discusses how to recognize and avoid mortgage relief scammers. But if it is too late to avoid being a victim of a mortgage relief scam, you must follow the proper measures to report the crime.
Victims of mortgage relief scams are the ones living and dealing with the consequences of ruined credit and financial loss, as well as a painful, devastating spectrum of emotions such as rage, fear, and frustration that are also completely draining.
Although it may be difficult to achieve complete financial recovery or prevent foreclosure, it is vital that you disclose the crime as soon as possible. Reporting financial fraud assists law enforcement, regulators, and government agencies in putting an end to the fraud, preventing further victimization of customers, and pursuing the criminals who conduct the scam.
Perpetrators frequently dispose of your money quickly after stealing it. You might never see your money again. Having said that, your recovery is about more than just recouping your losses. It is about safeguarding your future financial health and wealth, as well as finding ways for you to heal emotionally from the crime.
Taking the actions below will empower you to regain control and make progress in rebuilding your life.
1.Build Your Case
Begin by outlining your case. Include anything you can remember It is sometimes simpler to voice record your case and then write it down. Discuss how the scammer originally approached you and each step you made along the process. Because you will be telling your case to many agencies, it is critical that you write it down so that it is consistent and thorough. The act of recreating the scam's occurrences will assist you in remembering all crucial data. Take your time - the scam may have been ongoing for years.
2.Know Your Rights
Federal and state laws impart rights to you. To better protect yourself, learn what rights you have.
3.Report the Crime to the Appropriate Agencies
There are benefits from reporting the scam to as many agencies that apply to the situation. For example, if an attorney is committing the scam, the state bar association would be one agency to contact. File a complaint to the agencies below:
4.Treat the Loan Scam as Identity Theft.
The scam will affect your credit as well as your finances. Because scammers will most likely have your sensitive information, such as social security number, bank account, credit and debit cards, and other identifying information, so you must register fraud alerts to prevent identity theft. AnnualCreditReport.com is the ONLY official source for free credit reports every 12 months. Look over these reports for accounts that are fraudulent and dispute them.
5.What To Do If You Paid a Scammer
Often, scammers urge you to pay in ways that make it difficult to recover your money. The sooner you act, regardless of how you paid the scammer, the better. Consider a civil suit.
Civil suits are frequently the best way to recover lost assets. Utilizing a civil suit, in some circumstances, has been able to remove liens and give the proper title to the victims' properties. Civil attorneys that work for victims of financial fraud can examine the facts and circumstances of your case and advise you on the civil remedies available to you.
The National Crime Victim Bar Association can provide referrals to attorneys
who litigate on behalf of victims of crime and who offer initial consultations at no cost or obligation.
If you’re the victim of a scam and you feel overwhelmed, remember to breathe. There are ethical agencies available to help and walk you through the journey. Next week we address the cost of scams and examine the toll on mental health.
Marc has 36 years in financial services and 6 years in teaching.
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