Home > Mortgage Loans > Points to Avoid Foreclosure Scams that Target Mortgage Loans Borrowers
Points to Avoid Foreclosure Scams that Target Mortgage Loans Borrowers |
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Are you having trouble making your
mortgage loans payments? Are you facing foreclosure on your home? You have now the option of getting professional help to work out your mortgage loans problems. But, remember to get all the facts before you pay someone to help you work out your mortgage loans problems. Bankruptcy foreclosure scams now target consumers whose home mortgages are in trouble. Homeowners have reported that fraudulent operators have promised to take care of their problems directly with their mortgage loans lender or to obtain refinancing for them. In some cases, consumers were told to make their mortgage loans payments directly to the fraudulent company. Some were even asked to hand over their property deed. But, instead of contacting the homeowner's lender or refinancing their mortgage loans, the company pocketed all the money paid by the homeowner and then filed for bankruptcy, on behalf of the homeowner, without the homeowner's knowledge. Such scam operators advertise over the Internet, and in local publications. They have even started directly contacting consumers whose homes are listed in the foreclosure notices. But, there are some measures that you can take to ensure that you don't become a victim. When dealing with the collection department, never discuss your household finances over the phone. If you do, you could unknowingly be exposing yourself to mortgage loans scams. You can quite easily say no to any telephonic requests of information about your finances. Instead request a homeowner's assistance package so that you can submit the required information. Also, never tell them that you're broke. Even though you may qualify for a special forbearance or modification, you will still need money to pay legal fees and foreclosure cost. These fees cannot be put back into the loan. Your mortgage loans lender prepays them to start the foreclosure process. Don't tell a mortgage loans lender that you don't live on the property that is mortgaged. This is because, under FHA guidelines, before you are granted any workout, you must reside on the property. So, if you have moved out or if yours is an investment property, you need to get someone in there with a lease or rental contract before the sale date. Next, never tell them you are unemployed. If you do, in most cases you won't be approved. Also, your mortgage loans lender may not be able to qualify you for a special forbearance. But this is wholly dependant on the date of sale. What you could do is, to try and rectify the situation- find a job. If you can't, try and start a small business, at least some months before your sale date. Deposit the money thus earned. Then, prepare a Profit and Loss Statement to prove your income. Lies like, I get paid in cash and therefore can't prove it, won't hold water. Another point to remember, is don't tell mortgage loans lenders the reason why you fell behind, is because you mismanaged your money. This reason will not exactly inspire much confidence in your financial skills. So, how can you expect them to give you a workout when you still have the potential of falling behind? So, you can try to fall behind on payments. And, even if you are one payment behind, you should do something rather than wait until you fall further behind. Pretending like nothing is wrong will not help. Seeking help before you are 90 days or more behind on your mortgage loans payments greatly increases your chance of success. Contact your lender or an attorney for assistance, if you're having trouble paying your mortgage loans. Another option open to you is to file for bankruptcy. But, wise consumers know that filing for bankruptcy is only a temporary solution to home foreclosure. If a bankruptcy is filed in your name but you do not participate in the case, a judge can dismiss your case and proceed with the foreclosure. If this happens, you will lose the money you paid to the scam operator and your house. If the mortgage loans lender is not willing or is unable to work out something, consider getting in touch with a loss mitigation service. They will be able to work with you and develop a plan to save your home. They are more suitable than mortgage loans lenders, as they work on a one to one basis. Since everyone's situation is different, they will structure a plan that is best suited to your needs. |
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