Stop Foreclosure Scams - Don’t Be Taken In! 12/21/2007 - 993 views, 1 Comment
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As the housing market worsens, foreclosures are on the rise. So it’s only natural that scams promising to stop foreclosure, avoid foreclosure, or prevent foreclosure would also be on the rise. But those offers promising to stop mortgage foreclosure of your home are almost always scams. Just about the only way to stop foreclosure sale of your home, short of court intervention, is to reach an agreement with the bank - it makes sense, because short of a court order, the only one that can stop bank foreclosure is the bank itself. If you need foreclosure assistance - if you need some stop foreclosure help - don’t respond to the Internet foreclosure scams - instead, contact your lender! Actually, the first thing to do is to realize that burying your head in the sand - pretending that the problem doesn’t exist - or waiting for it to magically get better, isn’t going to help. Also don’t assume that nothing can be done, which can paralyze you to the point of inaction. Often something can be done! Then, contact your lender! That is the one holding the mortgage. Talk to them! In this market, they don’t really want to foreclose any more than you want them to foreclose. But if you don’t communicate with them - and just silently stop paying your mortgage - they have little choice. Most lenders have several options which they can provide to you in order to help you to avoid foreclosure. These include allowing you to pay the interest only for a period of time, reinstatement of your mortgage, and forebearance. For more information on options and possible solutions to help you avoid foreclosure, see this article over at the DearEsq. free legal advice site: What Can I Do to Stop Foreclosure Proceedings On My Home? But whatever you do, don’t respond to the avoid foreclosure scams!
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You’re right, probably the best first thing homeowners should do when falling behind is contact the lender. The sooner they do that, the more options the lender may be able to offer them now and in the future.
The worst thing to do is be so afraid of contacting the bank that the homeowners instead mistakenly place their trust in someone who promises help, but doesn’t come through in the end.
Comment by foreclosurefish.com — 1/18/2008 @ 6:25 pm