Beware of Scams
As soon as a foreclosure is filed and made public record, a homeowner will receive many letters from individuals claiming they have the answer to "solve the foreclosure". My advice to the homeowner is always this-if it sounds too good to be true, then it probably is. There are a lot of good and honest people that will do what is best for the homeowner, then there are others that will prey on people in a stretch of bad luck and take advantage of their situation.
The following are a few things to consider before making any final decisions.
- *** Any company that charges a fee stop the foreclosure. Some companies are charging anywhere from $900-$1800 to "stop foreclosure". In many cases, the homeowner ends up headed to auction and out a lot of money. Call us before you give anyone any money!
- *** Be wary of anyone wanting you to sign over the deed to your house to them. Once the deed is out of your name and in a third parties name you lose control over what happens to your home. Note: YOU will still be responsibile for the mortgages on your property. In some cases the homeowner is offered $500-$1000 to sign title over. Make sure you speak with an Attorney who can inform you of your rights regarding this matter.
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*** Investors who deal directly with the homeowner to purchase the property. An Investor will ask the homeowner to authorize them to discuss the loan, then will negotiate directly with the lender to get the house for the lowest price. If the person buying the house is also in charge of negotiating the sale, who is looking out for the homeowner? No one. As a Realtor, we are held to higher standards and will put the house on the active market to produce the highest sale price that an average buyer would offer.
