Shut The Door on a Foreclosure Rescue Scam!
Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief, but fail to deliver. Some are even bold enough to offer a money-back guarantee. In reality, they make a quick profit by charging high fees or collecting mortgage payments, and keeping the money, rather than passing it on to the lender.
They use simple and straightforward messages, like “We guarantee to stop your foreclosure.” In reality, there is no such thing as a 100% guarantee. Once the scammers have your attention, they are known to use a variety of tactics to take your money, and sometimes your home.
While it is ok to pay a legal review fee to determine whether you have a Slam Dunk Loan Modification Case or not, it’s never appropriate to pay the entire amount upfront to an Unlicensed Unregistered Loan Modification company. You don't need to retain an attorney that specializes in real estate transactions but it is usually in your best interest to do so. Preferably one that specializes in home loan modifications, mortgage workouts, or short sales.
While we do check out the professional firms we will refer you to, be aware that some do charge an upfront fee. They have to do some work to actually determine if a Mortgage Loan Modification is right for you. This is just and reasonable. Make sure you understand their fee structure before you sign on the dotted line!
Always beware of scam artists. Here are some of the techniques they use.
Phony Counseling
Scam artists tell you that they can negotiate a deal with your lender if you pay a fee first. They tell you not to contact your lender, or credit counselor, and to let the “negotiator” handle the details. Once you pay the fee, the crook takes off with your money. Make sure your loan modification counselor is registered and licensed in your state. The loan modification counselors we refer to are either licensed or in the process of being licensed. Scammers usually won’t apply for a license.
Bait and Switch
You’re tricked into signing documents for a new loan to make your existing mortgage current.You could be surrendering the title to your house to a scam artist in exchange for a worthless or expensive “rescue” loan.
Rent-to-Buy Scheme
You’re told to surrender the title to your home as part of a deal that allows you to stay in your home as a renter, and buy it back during the next few years. But deals like this usually are so expensive that buying back your home becomes impossible. In the end, you lose your home and the scam artist takes off with the equity you had built up.
Bankruptcy Foreclosure
Smooth talking fraudsters may promise to negotiate with your lender or get refinancing on your behalf if you pay a fee in advance. Instead, they pocket the fee and file for bankruptcy in your name — sometimes without your knowledge.
Short Sale
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.
While this is not really a scam, the issue is that sometimes you can qualify for a loan modification, but an unethical real estate agent that is looking for a commission may talk you into a short sale. In fact you could have kept your home, if only you knew about Home Loan Modification before they sold your home out from underneath you.
How to Find Legitimate Help
If you’re having trouble paying your mortgage or if you've already gotten a foreclosure notice, let us help. We can connect you with a pre-screened professional who will be able to negotiate a new repayment schedule. Fill out the form on the right side of this page to get the process moving. We will put you in touch with one of our loan modification specialists. They are registered with your state. They usually charge a small Document Review Fee, and if you qualify, you pay their fee up-front. However, this fee generally provides for a return policy of some sort.
Homeowners never get a second chance to make a good first impression to your lender
Our qualified Loan Modification Companies have experienced mortgage professionals and or Real Estate Lawyers that know exactly how to handle your lender professionally and forcefully in their efforts to help you.
The best Loan Modification assistance companies will charge for their services, but it is well worth it because they have the experience to get the job done right the first time. (And you only get one shot at it)!
Be sure to ask your specialist what specific fees they charge, when they are due. Also, ask about their return policy - be sure you know all the facts before you proceed.
If you are not happy with the specialist firm we've suggested, we can refer you to another, just let us know. We never charge any fee. We want to help YOU!