Archive for the ‘avoid foreclosure scams’ Category

Avoiding Scams

Monday, September 24th, 2012

You are in a situation where you can’t make anymore on your home. You are desperate and put your home up for sale. Foreclosure Scams are on the rise because of the increasing number of foreclosures. It’s very important as homeowners to know about these scams and avoid them like the problem.As a homeowner, you need to know there is a right way and a wrong way of doing this. Taking over a property “subject to” the existing loan is a great technique and is used by many investors.

Avoid foreclosure scams here are some things to remember from the

Do not ignore them. Contact your lender immediately, even if you are only foreseeing negative changes in your income. Your lender likely will be willing to negotiate a payment plan to help you avoid foreclosure if you provide the lender with a statement about your financial hardship. Request to talk to the loss-mitigation or authorized department to discuss

potential payment plans.

If you choose to negotiate with your lender yourself, make sure you keep all records and contact information. All agreements should preferably be done in writing.

Be careful when visiting Web sites or calling telephone numbers. There are fictitious Web sites and toll-free numbers similar to those offered by official and reputable institutions. Please read the Homeownership Preservation Foundation (888-995-HOPE) press release.

If you are facing foreclosure, more than likely you will be contacted by someone wanting to assist or help you out of your situation. Being an investor, I know some of these companies or individuals mean well and , while others are out there preying on desperate homeowners. So how can you determine which ones are out to take advantage of you and who is out there to help. We have outlined a few things you can look for in determining a foreclosure scam and ways to avoid them.

Be careful giving ANYONE money online who claims they can assist you out of . There are dozens of good, non-profit organizations and free counseling agencies who are ready and willing to assist.

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