Don't Borrow Trouble

Watch out for lending scams, or you could lose your home sweet home.


Be careful what you sign!

Have you received a pre-approved home loan in the mail? Have you seen TV ads for loans that will lower your bills? If you think these schemes will get collection agencies off your back, be careful. There are companies who may seem like they want to help you, but they may only make things worse.

Scam lenders are out to trick you.
In their ads, some lenders may promise low rates as bait to get you to sign on. Then at closing, or maybe six months later, they might switch you to a higher rate without telling you. They may also hide extra costs in the wording of their loans. Costs may not be aware of, and may not be able to pay back.

Don't put yourself deeper in debt.
These same lenders will tell you that lower monthly payments can save you money. What they don't tell you is that they?re combining all your debt into a longer-term loan. So you end up paying out more money over a longer period of time.

Don't put your home at risk.
Many people don't realize that these loans are mortgages which use their house as collateral. If you can't pay, the lender takes your house from you as payment. That's one reason why the number of people losing their home to foreclosures in the U.S. has grown 200% since 1980. Don't let this happen to you.

Let us show you your options.
There are other ways to get out of debt. We can put you in touch with people who will tell you about the different choices you have and who will explain all your options. Options that won't put everything you?ve worked for at risk.

Our advice is free.
If you have questions about what you're signing, call us for advice. We've helped hundreds of people just like you. We'll warn you about lending schemes. We help you figure out whether loan terms are reasonable or risky. And we?ll make sure you understand all the options open to you. In most cases, our help is free. If there is a cost, we'll tell you what it is up front.

View Public Service Announcement Videos
These PSAs were developed to create greater public awareness about mortgage loan scams.

Call 617-635-HOME for more information.
The Boston Home Center is your one-stop source for homeownership information. Do you have questions about refinancing, foreclosure prevention or home repairs? We can refer you to local agencies or to City of Boston programs. The City of Boston is committed to helping homeowners keep their homes. Call the Boston Home Center at 617-635-HOME (4663) to learn about all of your options.