HELP PREVENT FORECLOSURE
If you're in need information to help prevent foreclosure on your home; you are not alone.
It's hard to know where to
start, but here are some tools to get you going. It is possible, but be careful what company you choose.
Read This First:
Avoid Foreclosure Scams
While there are loss mitigation companies that can help prevent foreclosure, there are, unfortunately, many so-called
foreclosure help companies out there that are looking for a way to take advantage of your situation. There are more
foreclosures in the United States than ever before and as a result, more foreclosure scams.
But you do not have to fall prey to trickery that is put into play during foreclosure scams. Armed with knowledge and the fact that you have options to stop foreclosure can help you a great deal in your plight.
Some of the most common foreclosure scams involve the following:
Taking An Up Front Fee For Loan Modification
Many companies will charge a fee for what they call a loan modification. You can get a loan modification, in which the
loss mitigation firms work to re-negotiate your mortgage with your lender, but when a company wants a fee to perform your
qualification, often they do not have much of a success rate. Most legitimate loss mitigation companies that perform this service take money after they performed the qualification process. Beware of anyone who promises foreclosure help or to stop foreclosure and wants money up front prior to a detailed evaluation.
Take Your Deed Without Curing Your Debt
This is one of the most predatory foreclosure scams around and is still, unfortunately, going on today. The scam
involves getting you to sign over the deed to your home to a third party with the promise that they will pay off the mortgage. The third party does not do this at all - in fact they just rent the property to someone else and collect the funds. Then you are stuck with the same mortgage obligation and can often be subjected to a deficiency judgment. Do not sign over the deed to your property without the advice of an attorney. Anyone who tries to get you to do this may be taking you for a very bumpy ride.
Ask You To Send The Mortgage Payment To Them
This is one of the oldest " help prevent foreclosure " scams in the book. They'll have you sign some papers and tell
you that they will mitigate your loan and get the lender to take less if you send them the mortgage payment each month.
They do not make your payments and it can be months before you realize that you have been scammed.
Loan Modification is a good way to help prevent foreclosure, but be smart about it!
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