Know Your Rights: Rescue Foreclosure Help How the Scams Resources Nebraska Foreclosure Nebraska Protection Act Are you falling behind on your monthly Foreclosure rescue fraud can cost you mortgage payment? Is your mortgage Foreclosure The Nebraska Foreclosure the home and equity you’re trying to loan delinquent? Is your adjustable rate save. Scammers often turn around and Protection Act Protection Act protects mortgage becoming unaffordable? Take homeowners from the take the homes from those they prom- action now! ise to help. Some scammers collect Can Help You fraudulent activities of individuals and entities that prey large fees for services never provided Dial 2-1-1 or call (402) 444-6666 to get on vulnerable consumers. and are never seen again. connected to a certified HUD housing counselor near you. An individual or company legitimately Beware of the doing business under the Act will: Foreclosure Rescue For a list of free nonprofit Advertising Pitch counseling agencies in Nebraska and • Require fees for services only after other resources, check the Nebraska the services have been provided. Foreclosure rescue firms use a Department of Banking and Finance • Fully describe the services to be Web site at: variety of tactics to find homeowners performed in a written contract. in distress: Some read through public www.ndbf.ne.gov The Nebraska Attorney foreclosure notices in newspapers, • Provide a homeowner with a place ads on the Internet or television, General’s Office Consumer Protection Division “Notice of Cancellation” form or send personalized letters to home- along with contract documents. A Word of Caution 2115 State Capitol Building owners. The scam artists use simple Lincoln, NE 68509 and straight-forward messages, like: (800) 727-6432 (toll-free in Nebraska) • Give a homeowner adequate time, Consumers are cautioned about doing without pressure, to read and business with Internet-based companies. www.ago.ne.gov “We can save your home. understand all documents before It is common for fraudulent companies to Guaranteed.” signing. claim residence in a state and/or appropriate the name of a legitimate “We have special relationships with business in an attempt to bypass state many banks that can speed up and state licensing requirements. approvals.” 1230 “O” Street Suite 400 “We stop foreclosure every day. Our Lincoln, NE 68508-1402 team of professionals can stop yours (877) 471-3445 (toll-free in Nebraska) this week.” (402) 471-2171 (in Lincoln) www.ndbf.ne.gov 6/2009 What is a foreclosure Your Rights Under the consultant? Nebraska Foreclosure Protection Act A foreclosure consultant is a person who solicits a homeowner in foreclo- sure with an offer to perform any of the The Nebraska Foreclosure Protection Act imposes legal restrictions and requirements on following services for money: foreclosure consultants and equity purchasers.

Foreclosure Consultants Equity Purchasers • Stop or delay a foreclosure sale. • Obtain a forbearance from a beneficiary of a lien on the In Nebraska, it is against the for A homeowner has three businsess days to . What are my rights as foreclosure consultants to: cancel an equity purchase agreement. During • Assist the homeowner in curing a that time period, it is against the law for an a homeowner? default on a loan. • Guarantee you that they will be able to equity purchaser to: • Assist the homeowner in obtaining refinance your home or arrange for you to You have a right to: a loan or advance of funds. keep your home. • Record with the Register of any • Avoid or reduce credit impairment. • Charge and collect up-front fees for document, including the equity purchase • Review a written contract from a • Obtain excess proceeds following foreclosure help. contract, or any or lien that has been foreclosure consultant for at least a foreclosure sale. 24 hours before you sign it. • Take a wage assignment, a lien of any signed by the homeowner. type on real or personal property, or any • Obtain or transfer any interest in the • Contact information including A foreclosure consultant does not other security to guarantee payment for property in foreclosure. name, address, fax number and acquire an interest in or title to a services. • Make any untrue or misleading state- e-mail of the foreclosure residence in foreclosure. Financial • Obtain a power of attorney from you ment about the value or the sale of the consultant or equity purchaser. institutions, insurers, escrow for any purpose other than to inspect home in foreclosure, or the amount of • Receive full disclosure of the companies, attorneys, documents. proceeds the homeowner will receive services to be provided and the brokers, judgment creditors and similar • Ask you to sign any document that after a foreclosure sale, or about any of total amount of the charges. persons are not considered foreclosure transfers any interest in your home or the terms in an equity purchase contract. • Cancel a contract with a foreclo- consultants if they are acting in the property directly or indirectly to the sure consultant at any time. You normal course of business. must provide notice of cancellation foreclosure consultant, or to an associate. in writing. • Force or threaten you to enter into a What is an equity purchaser? foreclosure consulting contract. An equity purchaser is a person who Foreclosure consulting and equity pur- acquires title to a home in foreclosure. The chase contracts, as well as notices of Who do I call with a complaint? Who do I call for help with my Act excludes persons who intend to live in cancellation, must be in English. If the Foreclosure related complaints should be filed mortgage? the property, relatives of the homeowner, homeowner has a different principal with the Nebraska Attorney General’s Office. To get connected with a certified HUD and persons who ac- language, a true and correct translation quire a through Nebraska Attorney General’s Office housing counselor near you, dial 2-1-1 or call of the documents must be provided. a court-ordered Consumer Protection Division (402) 444-6666. For a list of free nonprofit judgment or sale (800) 727-6432 (toll-free in Nebraska) housing counseling agencies in Nebraska go authorized by law. www.ago.ne.gov to www.ndbf.ne.gov.