Victory State Bank Urges Desperate Homeowners To Beware Of Bogus Foreclosure-Rescue Businesses

STATEN ISLAND, N.Y. --  Victory State Bank is warning homeowners who are delinquent on their mortgage payments to be on the lookout for phony foreclosure-avoidance schemes.

According to the Federal Trade Commission (FTC), many so-called foreclosure rescue companies or foreclosure assistance firms claim they can help you save your home.

 Some, say the FTC, are brazen enough to offer a money-back guarantee. Unfortunately, once most of these foreclosure fraudsters take your money, you lose your home, too.

Victory State Bank suggests saving yourself money and more heartache by following the advice of the FTC and avoiding any business that:

  • Guarantees to stop the foreclosure process – no matter what your circumstances
  • Advises you not to contact your lender, lawyer, or credit or housing counselor
  • Collects a fee before providing any services
  • Accepts payment only by cashier’s check or wire transfer
  • Encourages you to lease your home so you can buy it back over time
  • Tells you to make your mortgage payments directly to it, rather than to your lender
  • Advises you to transfer your property deed or title to it
  • Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
  • Offers to fill out paperwork for you
  • Pressures you to sign papers you haven’t had a chance to read thoroughly or that you don’t understand.

To learn more about how to protect yourself from theses scams, log onto: http://www.ftc.gov/bcp/edu/microsites/moneymatters/your-home-foreclosure-rescue-scams.shtml.

About Victory State Bank:

 

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com . 

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