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Beware of “foreclosure prevention” scams

If you're in a difficult financial situation and struggling to pay your home mortgage payments on time, it's important to stop and assess your situation rationally -- and as soon as possible. If you wait until it's too late, you could become so desperate for a solution that you fall for any number of foreclosure prevention scams.

Right about now, you might be thinking, "But I'm smart and I would never get scammed." Don't be so sure. Desperate times call for desperate measures. When faced with the possibility of your family being kicked out of their home, you could be susceptible to not analyzing all the details of a proposed foreclosure prevention "solution," and completely miss the fact that it's a fraud carefully designed to take your money.

Here are a few things to keep in mind that will help you prevent getting scammed:

  • Check the credentials: Always check the credentials of someone offering a foreclosure prevention solution. Check the reputation of the individual by asking for references from previous clients. Look into the background, education and experience of the individual offering the solution. Do this especially if the person's services come with a fee.
  • Stay in contact with your mortgage servicer and lender: If your foreclosure solution provider asks you to give up being in contact with the mortgage provider don't do it. You will want to stay in touch with the servicer and lender at all times.
  • Before seeking outside assistance, talk with your lender: Mortgage lenders may be willing to work with a homeowner who is getting behind on payments. You may be surprised by the helpful offers and deals your lender is willing to provide.
  • Take action before you get desperate: The earlier you act to prevent foreclosure the less likely you'll get desperate for a solution.

Are you in a difficult situation and need a solution to prevent or delay your foreclosure. One way to prevent getting "scammed" is to work with a qualified real estate attorney who has extensive experience and an established reputation.

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