| Loan Mod Mistake?
Top Foreclosure Scams To Avoid
Unfortunately scammers have no problem taking advantage of homeowners who face foreclosure.
The foreclosure prevention specialist: The “specialist” really is a phony counselor who charges outrageous fees in exchange for making a few phone calls or completing some paperwork that a homeowner could easily do for himself. None of the actions results in saving the home. This scam gives homeowners a false sense of hope, delays them from seeking qualified help, and exposes their personal financial information to a fraudster.
- The lease/buy back: Homeowners are deceived into signing over the deed to their home to a scam artist who tells them they will be able to remain in the house as a renter and eventually buy it back. Usually, the terms of this scheme are so demanding that the buy-back becomes impossible, the homeowner gets evicted, and the “rescuer” walks off with most or all of the equity.
- The bait-and-switch: Homeowners think they are signing documents to bring the mortgage current. Instead, they are signing over the deed to their home. Homeowners usually don’t know they’ve been scammed until they get an eviction notice.
The majority of "loan modification" or "foreclosure rescue" services offered today could very well be part of incidious, multi-level marketing scheme.
Did you rush to hire a loan modification company only to have your calls unreturned?
Are you worried because you have not seen any tangible results?
Do you need someone to find out what's going on and provide oversight?
There are right ways, and wrong ways to approach the problem. I've been constructing loan modifications and choreographing short sales for distressed homeowners across the USA for 20 years... not twenty minutes.
- You can, but you do not necessarily need to hire a third party "loan modification" service. You can do it yourself.
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Start by reading Fight Foreclosure! It is in may libraries, book stores, or you can purchase it here.
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If you do hire a "loan modification" service, you should NEVER convey power of attorney.
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You should NEVER sign any documents you do not fully understand, and
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DO NOT automatically accept a loan modification unless you fully understand the consequences.
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Stay involved! Make sure you stay in touch with your lender, and your loan modification specialist.
If you are worried, or if you feel you've been scammed, call or email me. I'll be happy to listen, and then answer general questions you may have about the process. I may be able to ease your fears, or get you back on track again.
If you need more than that, perhaps I can review the "agreement" you have in place with your loan modification company, and then contact your lender(s) to determine the status of your loan modification request, and step in to facilitate the process as your advocate.
If your loan modification request was rejected, or if the offered relief is little more than "band-aid" relief when reconstructive surgery is indicated... I may be able to appeal your lender's decision... and get you the cramdown loan modification you need to keep your home.
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