How To Avoid Foreclosure Service Fraud

Did you know that many people get tricked into foreclosure service rescue scams all the time

? With the number of people seeing their home go into foreclosure increasing, scams are also on the rise. The most popular time for these types of scams to appear is during the colder months. Fewer homes are sold then, as a general rule, so people in need of foreclosure services are particularly vulnerable.

Be especially wary if you hear the promise of a foreclosure service to "pay off your mortgage" or, "we'll save your home." One of the more popular scams involves the company telling you that if you give them the title to your home, they will allow you to rent the property from them. They tell you that after a few years you will have the option to buy the house back. Unfortunately, the entire claim is bogus, and you simply end up losing your home to them outright as they sneak off with all of your home equity. Never sign over ownership to your home to anyone.

What should you have done in the first place?

Let's back up to when you first received your foreclosure notice. What you should do is contact your lender immediately. Explain your financial situation, and ask about the possibility of renegotiating your payment schedule. Often this action alone will buy you some valuable time to readjust your finances. Typically, lenders don't like foreclosures any more than we do as they are expensive and time-consuming processes for them to perform.

Here are a few more red flags:

- Be cautious if you're contacted by a foreclosure service. Don't handle sensitive issues like this over the web, or with anyone who comes peddling foreclosure information door-to-door. Don't fall for any situation that's seems to be too good to be true because 99% of the time, it isn't.

- If someone wants you to sign a contract, be careful. Contracts are legally binding, and you could get yourself into even more hot water than you expected. If you do find yourself in a foreclosure procedure, be sure to have your attorney check everything out first before you sign anything.

- Never do anything with either a handshake or a verbal agreement. Those days are gone when a man's word was his bondevery transaction must be put into writing.

Reputable foreclosure companies will perform in none of the above ways. If you're feeling rushed to sign something, or if the company representative won't take the time to listen to your misgivings or fears, it's probably a scam.

Remember, a good foreclosure service will work for your benefit as well as theirs. Don't be caught working with any other business that won't.

by: Anders Abadie

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