Beware of Scam Artists When Evading Foreclosure

The real estate market has received hit after hit in the last two years. The housing bubble in many areas of the United States has burst and homeowners are desperately trying to get out of debt and repay their housing loan. The acute nature of fiscal crisis for the homeowner has left them susceptible to scams and fraudulent conduct from people trying to take advantage of terrible misfortune. The best path to prevent being swindled is to persistently be aware and investigate the latest tricks in the housing market.

Avert Being Duped By Con Artists

You may see notices on the side of the road from organizations asserting that they can help you avoid foreclosure if you call their phone number and employ their services. For any confused homeowner, this may seem like their release from the chaos of potentially losing their home. When the homeowner has an appointment with the agent, there is an exchange of paperwork which implies that the company will bargain with the lender and represent the homeowner. Months may pass and the homeowner learns nothing from the company until it is discovered that they have in fact signed over the ownership of their home to the company. How is it so easy for these con artists to abscond with people's homes? A number on a sign or the business that claims to be a "mortgage consultant" or "foreclosure rescue agency" can be hard for a homeowner to investigate.

Steps to Take to Make Sure You Are Getting a Reasonable Deal

When working with any company that guarantees to help you keep your home, it is always smart to have all documents looked over by a lawyer. If the representative asks you not to take advice from anyone other then his or her organization, this should be a warning to you that they are scamming you. Never sign a document blindly or without having enough time to understand it. Usually, these documents are full of legal terminology that makes grasping the details impossible. When presented with any contracts, you must have them looked over by a disinterested professional.

Moreover, if you are asked to pay a deposit, this should be another sign to avoid this company. Normally, putting down money for those who are suppose to help you avoid your financial difficulties is not required and puts you at risk for losing even more money. Also, there should not be a short time constriction on being able to accept a proposal. Any lawful business will be able to give you the same contract tomorrow or even the next week.

What should you do if you cannot afford to hire a lawyer to sue these companies? NeighborWorks America and other nonprofit groups will help you determine if the company is stealing your money and home. If you have already been cheated out of your home, describe any fraudulent behavior to the Federal Trade Commission, your district attorney's office and your local police department.

At all time be careful of any suspicious documents or claims from a company to pay the lender directly. The prospect of losing your home is enormously stressful, but preserving a calm and collected manner will help you avoid successful con artists.