Desperate homeowners facing foreclosure can be easy targets for con artists.
They steer their victims away from bankruptcy attorneys: “Don’t ruin your credit!”
“Contact us for free information about the secret the credit card companies don’t want you to know about!”
Makes my blood boil.
What sounds too good to be true, well, usually is.
A continuing scam is “foreclosure rescue companies.”
They say they will negotiate for you, get the foreclosure sale canceled, change the interest rate, lower the payment.
Homeowners can get real help from non-profit counselors.
Hardly a day goes by that I do not hear another story of failed attempts to get a loan modification from a mortgage company.
HAMP trial periods are supposed to be 90 days, I have heard up to 18 months.
The same documents submitted again and again, only for the mortgage company to say we must get the documents by Monday.
And they tell you this – the preceding Friday.
Months of exchanging information, only to be told: Oh, you are self-employed. That means we need an audit of your books.
Hey, I am the last person to defend mortgage companies, but, this is a new law which has already been changed numerous times.
They did not assign enough people to do modifications.
They did not give these jobs to their smartest employees.
And, face it, if they knew what they were doing, we would not be in this mess.
However, none of this helps you keep your house.
And neither will the scam artists.
I have heard of cases where they take your money, the process drags on, and they get a mortgage payment reduction of, say, $25 per month.
At that rate, it takes until the the mortgage is paid off to make up for what you paid the scammer.
You can fill out the budget form on this site, and I will review it with you for free.
Then you will at least know what you have to work with, and the highest payment you can afford.
Scams On Saving Your House From Foreclosure