Wednesday morning the Treasury Department, U.S. Department of Housing and Urban Development and Ad Council will launch the final phase of their Foreclosure Prevention Assistance public service advertising campaign.
The third phase of the PSA is in an effort to increase awareness of the resources and assistance for struggling homeowners through the Making Home Affordable Program, which is now extended through December 2013.
"Research conducted by the Ad Council shows that many struggling homeowners delay conversations about their mortgage concerns because they feel confused about where to turn for help and whom to trust," spokesperson Andrea Risotto of the Treasury and deputy press secretary George Gonzalez of HUD said in a post.
The “whom to trust” bit is the kicker and the Consumer Financial Protection Bureau provides a great example of what to look out for.
Earlier today, the CFPB cautioned distressed homeowners to be weary of the use of government logos in campaigns because two mortgage loan modifications were allegedly ripping-off struggling homeowners using false advertising.
The CFPB forced Gordon Law Firm and the National Legal Help Center to halt all operations after investigating the two entities for allegedly scamming borrowers.
The protection bureau said the two parties took in more than $10 million by falsely promising homeowners they had the ability to prevent foreclosures and renegotiate troubled mortgages for borrowers.
Here's an example of a real ad.
Going forward there are various signs to spot a scam. Be suspicious if an ad or someone suggests paying high fees upfront to receive services, promises of a loan modification and making payments to someone other than your servicer or lender.
However, distressed homeowners can rest assure that the final installment of the PSA campaign is the real deal and the unveiling tomorrow is being done so in struggling homeowners’ best interest.
Don't believe me? Check it out for yourself tomorrow morning.