Steering Clear of Foreclosure Frauds and Mortgage Scams

Graceland and the late Lisa Marie Presley fell victim to a foreclosure scam from a false entity that was created for the purpose of defrauding. Under the title of Naussany Investments and Private Lending LLC, the company alleged that Presley didn't repay a $3.8 million loan. They claimed she used Graceland as loan security and planned to auction off the estate to get their money back. Lawyers for Riley Keough, Presley’s daughter and sole Trustee of her late mother’s estate, exposed evidence that the company had forged documents. Both the FBI and the Tennessee Bureau of Investigation (TBI) were launching an investigation. The sale was stopped when a judge sided with Keough. After the injunction, Naussany Investments withdrew its claims, and the company’s phones were suddenly no longer in service.

In both mortgage and foreclosure scams, the perpetrators of these scams will claim that they can “guarantee” success and help solve your debt problems or stop your foreclosure. Scammers will snag your property for way less than its worth through deception and sneaky methods, leaving you without a home and still stuck with a mortgage in foreclosure. Fortunately, there are various ways to avoid and detect these scams, such as being wary and fact-checking before you trust someone with your property, real estate, and home issues. Some of the common red flags to look out for are counselors who collect a fee before providing you with any services or exclusively collect payment through a cashier's check or wire transfer. Most often, if something looks too good to be true, it probably is.

The safest way to avoid these scams is to neglect paying anyone unless you know exactly what services you’ll receive and that they’re reliable. Make sure to reach out to organizations that are reputable and specifically help homeowners with mortgage issues, such as a Housing and Urban Development (HUD) approved housing counseling agency. Stay proactive by reaching out to your mortgage lender or a trusted financial advisor for genuine ways to prevent foreclosure. Be cautious if someone wants to charge you for negotiation services with your lender or to postpone foreclosure. You should always verify their qualifications and track record to ensure your own financial security. Many agencies offer free counseling to homeowners struggling financially and can help you look into choices like loan modification, refinancing, or selling your home to make a fresh start.

In the current digital age, there is a growing reliance on the internet and our phones, and online scammers can easily prey upon consumers, tricking you into giving away personal info like your social security and bank numbers. These scammers make you think you've got a loan, and then before you realize it, they're off with your details, and you're at risk of both identity theft and losing your home. It is crucial to be extremely cautious and careful with your information online and over the phone. Fortunately, consumers have the ability to check their state consumer protection office to confirm a company or organization’s legitimacy and if any complaints have been previously filed. 

To better protect yourself and your property from deceptive scams and fraud, you can contact reputable financial or non-profit housing counselors through correspondence with the U.S Department of Housing and Urban Development (HUD) at (800) 560-4287 or www.hud.gov or the Homeownership Preservation Foundation at (888) 995-HOPE or www.995hope.org. If you fall prey to a scam, it's beneficial to get a lawyer on your side fast. If you’re at all skeptical or wary of any suspicious activity, report it to the Federal Trade Commission, your State Attorney General, or local consumer agencies. By speaking up, you can help prevent others from falling victim to scams.