Avoiding Mortgage Payment Shock: FTC Offers New Publication for Homeowners

A new publication from the FTC has information that could help consumers save their homes and recognize and avoid foreclosure scams. The publication, “Mortgage Payments Sending You Reeling? Here’s What To Do,” explains different kinds of mortgages, what to do if you’re behind in your payments, how to avoid default and foreclosure, and how to avoid predatory scams.

Consumers who have a mortgage with a fixed rate for a few years followed by an adjustable rate may face payment shock when their rate soars. Others may be anticipating an adjustment upward and wondering what their payments will be. Still others may have unrelated financial problems that could threaten their ability to pay their mortgage.

The FTC’s advice: Know the terms of your mortgage, and contact your loan servicer to find out your options as early as you can.

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, click http://www.ftc.gov/ftc/complaint.shtm or call 1-877-382-4357. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure, online database available to more than 1,600 civil and criminal law enforcement agencies in the U.S. and abroad. For free information on a variety of consumer topics, click http://ftc.gov/bcp/consumer.shtm.

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