Be Cautious of Foreclosure Relief Offers
Be Cautious of Foreclosure Relief Offers
With the current slope of the American housing market, any dramatic increase of foreclosures across the country, a new breed of fraud has cropped up. People have been trying to take advantage of distressed homeowners who are facing foreclosure, by promising to take care of the foreclosure for them. In other words they claim they can stop your foreclosure, and all you have to do is pay them a small fee.
The initial contact from these people may come in the form of a simple letter in the mail. The letter may explain how they can help stop your home foreclosure and ask you to call and set an appointment.
It essentially these fraudulent companies promise to solve the homeowner’s financial problems. They make promises and guarantees which say that they will work with the lenders to stop foreclosure on the home.
All the homeowner needs to do, is sign some documentation and pay a fee. Unfortunately, too many people don’t bother to read what they are signing no matter how important it might be. The documentation these companies give you could be legally binding contracts which have you paying them a fee over and over again, or they could even say you’re signing your house ownership over to them.
Most commonly however, these fraudulent companies simply want your money. They require you to pay an upfront fee when you sign the paperwork. Then you never hear from them again. And of course, your foreclosure problems still exists.
Some people have paid as much as $2000 to these fraudulent companies.
Don’t be another victim of this type of foreclosure scam. First and foremost, always be sure to read the fine print. What this means is you need to read the documentation in full including any small points before you sign it. Also be aware that anyone who demands an upfront payment should be looked into further. In many cases, legitimate help from your foreclosure problems will not require upfront fees. In fact, some may not require payment of any kind.
If you’re ever in doubt about off for your being made, take time to review it fully, and even delay your decision if need be. Consult with other experts, or do some research after the salesman leaves. If someone insists on getting your money and signature immediately, and does not want you to consult with others or take time to think about it, consider that a huge red flag.
