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Look Out For Foreclosure Assistance Scams

April 8th, 2008 Subscribe To Our Feed

Too often people find themselves facing financial difficulties. In extreme cases this can involve having their homes go into foreclosure. Due to the increasing number of people facing this problem each year, there have been many crooks who have surfaced offering foreclosure assistance to unsuspecting victims. Often these 'scammers' end up with more than just your money. They end up with your house as well.

If you have beed served a foreclosure notice, take a moment to educate yourself on the following ways that these crooks take advantage of people so you are forearmed before requesting any foreclosure assistance. Otherwise you may well end up their next victim!

If it sounds "Too Good To Be True" . . .

. . . it probably is. When you’ve got money troubles, it’s easy to get caught up in whatever type of help anyone offers you. This is especially true if you are in need of foreclosure assistance to keep from losing your home. One of the many types of scams that con artists use in order to take the unwitting victims' money is called Equity Skimming. In this scam, someone will approach you and offer to buy your home to get you out of trouble. The crook insists that you deed the property to him or her in order to avoid foreclosure, and then implies that you will receive a certain percentage of the profit when the property sells.

Too often, however, once you have willingly signed over your rights to the house, the con artist simply rents the home out for a short while to make some quick cash. The bank still forecloses on the loan, and you have absolutely nothing to show for it. If that wasn't bad enough, signing over the deed to your home does not negate what you owe your mortgage company so you could still find yourself liable for the reapayments.

Look Out For "Help Us Help You"

Illegitimate foreclosure assistance counseling agencies often prey upon those in need of financial help. These services promise that, for a small fee, they can work with your lenders to get you aditional help. Too often, however, the assistance they promise to provide is something you could well do yourself free of charge. The majority of these "counseling" services only call to negotiate a temporary payment arrangement with your lender. This is a step you should take yourself before calling in anyone else to help.

Anytime you request foreclosure assistance, be sure that you get all promises in writing. Never sign anything without the advice of an attorney, and contact your District Attorney’s Consumer Fraud Unit to check the legitamcy of the company/person you are thinking of dealing with.

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Essential Free Foreclosure Information

March 13th, 2008 Subscribe To Our Feed

It is a safe bet that most prospective home buyers do not ask their real estate agent, banker, or mortgage broker for the latest free foreclosure information. That is like saying you expect to fall flat on your face before the race has even begun. Certainly first time homeowners are dreaming of kids playing in the yard, get-togethers with friends and family, just about anything by the possibility of having to deal with a looming foreclosure. Such information is the farthest thing from their minds.

You will, no doubt, have heard of foreclosure in popular places such as newspapers, magazines, television, and web sites more than once; but do you actually know what all is involved in the process and how it begins? When you fail to make your mortgage payments on your home or property, after a certain length of time, the bank or lending institution that holds the note will reclaim said property from you. Think forced closure, because that is basically what happens. The book, so to speak is closed rather firmly and you find yourself seeking residence elsewhere.

There are many reasons people find themselves facing a foreclosure; unemployment, illness, death of spouse or loved one, and/or personal hardships. Having up-to-date foreclosure information would be most helpful for those who find themselves strapped for several months or more. The better news is that this is not an instant, overnight kind of process.

You will receive a letter in the mail from the deed holder, informing you of the decision to foreclose on your property. Even so, you still have time to change the course. There are ways that you can stave off this particular action which should probably be discussed with someone in the legal profession.

A common blockade is bankruptcy. It is possible you are considering, or in the process of filing a chapter seven or chapter thirteen bankruptcy. From the day you file, you are automatically protected. Once you are discharged, the foreclosure can resume unless you have made arrangements with the bank, mortgage company, or government. Your bankruptcy attorney may be able to assist you with helpful information regarding your foreclosure.

The most important thing you can do is communicate. Do not ignore a single letter, and be adamant about keeping the lines of communication open between you and your lender. Your next step is to contact the United States Department of Housing and Urban Development for an agency that can assist you with either working out an agreement to keep your home, or finding other housing for you and your family. Read the other articles on this website for more free foreclosure information.

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