After your lender has issued your first notice warning against foreclosure, you should contact a foreclosure lawyer immediately to provide sound advice and scrutinize steps to take in order to stop foreclosure. An experienced foreclosure lawyer can guide you through the correct legal transactions to help protect you, your family, and your home from foreclosure, frauds, or to soften the blow optimally.
Foreclosure scam artists usually find the victims sifting through public foreclosure notices in newspapers and on the Internet or through public files at local government offices. Some advertise on the Internet or in flyers that they promise to stop foreclosure. They advertise "too-good-to-be-true" techniques that offer to pay off your loans. Manipulating the home owner into transferring the property to them is the con artist's primary goal.
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Phony Counseling The best free counseling comes from the Department of Housing and Urban Development (HUD). However, scam artists trick victims by telling them that they can negotiate with the lender to save their home if the victims pay a large upfront fee. The scam artists then run with the money. Other times, they suggest that victims pay the mortgage costs to them while they negotiate with the lenders, therefore collecting few months of payments before taking off. Bait-and-Switch The scam artist offers to provide a new loan but by signing the document, you have surrendered the title of your home to the scam artist for a "rescue" loan. Rent-to-Buy Scheme The scam artist tells you to surrender the title as part of a deal that allows you to stay in the home while the artist rents it back to you. The scam artist tells you that through this way, a borrower with better credit rating can secure new financing. However, the scam artist will steadily increase the rent until you are unable to pay and become evicted. The artist then sells the house. Bankruptcy Foreclosure The swindler promises to negotiate with your lender if you pay a large upfront fee. However, the scam artist pockets the fee and files the bankruptcy in your name without your knowledge. This process temporarily stops a home foreclosure but is complicated. You could lose your money to the scam artist and the home if you fail to go through the bankruptcy proceedings. A bankruptcy is worst than a foreclosure and stays on your credit report for 10 years.
If you are unsure if a deal you are walking into is safe for you and your home, make sure to contact a foreclosure lawyer immediately and have the contracts reviewed. Don't be a victim of foreclosure frauds.
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