Facing Foreclosure? A few tips to protect you
They never give up - credit repair companies, counseling agencies or Foreclosure Specialists - in disguise claiming to have the power to stop your foreclosure, clean up your credit or refinance your home - all for a fee.
These scammers are unconscious to morals or integrity and make their living from vulnerable and helpless homeowners in trouble.
If you are in doubt about an agency - contact the U.S. Dept. of HUD or Home ownership Preservation Foundation at 888-995-HOPE - these government agencies are available to help consumers get modifications or prevent foreclosures.
Remember, no one should be charging you a fee or guarantee a loan modification - especially up-front fees.
These scammers will present themselves to you as"specialists" so they can justify high fees
Some of them will pose as government arms or community resources as they include words like "Hope" in their business name.
Be aware of the Lease/Buy Back program - where you will be deceived into signing over your deed to one of these companies on the pretense that you will be able to live in the home and purchase it back at a later time. In reality the contracts are so convoluted that it becomes impossible to maintain the agreement and the homeowner losses everything. Or - the scammers walk off with a few rental payments from the homeowner and never pay the mortgage - Eventually the mortgage company evicts the residents.
If you realize that you cannot maintain your home with your present income and forsee no future increases in your income, then sell your home now to protect your future credit. Your mortgage company may be interested in working with you to prevent future late payments, legal fees or credit reporting damages to your name.
Deed in Lieu of Foreclosure - It's possible to discuss transferring the deed to your mortgage lender if they agree to forgive the entire debt. Remember - you give up the equity in your home.
The team at CasaNuevaGuide.com recommends that you follow up with your mortgage service provider to ensure any company you choose to work with outside the mortgage firm is a legimate agency and that the plan they are discussing with you is one that actually exists.
These scammers are unconscious to morals or integrity and make their living from vulnerable and helpless homeowners in trouble.
If you are in doubt about an agency - contact the U.S. Dept. of HUD or Home ownership Preservation Foundation at 888-995-HOPE - these government agencies are available to help consumers get modifications or prevent foreclosures.
Remember, no one should be charging you a fee or guarantee a loan modification - especially up-front fees.
These scammers will present themselves to you as"specialists" so they can justify high fees
Some of them will pose as government arms or community resources as they include words like "Hope" in their business name.
Be aware of the Lease/Buy Back program - where you will be deceived into signing over your deed to one of these companies on the pretense that you will be able to live in the home and purchase it back at a later time. In reality the contracts are so convoluted that it becomes impossible to maintain the agreement and the homeowner losses everything. Or - the scammers walk off with a few rental payments from the homeowner and never pay the mortgage - Eventually the mortgage company evicts the residents.
If you realize that you cannot maintain your home with your present income and forsee no future increases in your income, then sell your home now to protect your future credit. Your mortgage company may be interested in working with you to prevent future late payments, legal fees or credit reporting damages to your name.
Deed in Lieu of Foreclosure - It's possible to discuss transferring the deed to your mortgage lender if they agree to forgive the entire debt. Remember - you give up the equity in your home.
The team at CasaNuevaGuide.com recommends that you follow up with your mortgage service provider to ensure any company you choose to work with outside the mortgage firm is a legimate agency and that the plan they are discussing with you is one that actually exists.
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