When a formal notice of foreclosure is published, recorded, or filed in court, it is public knowledge. Scammers read these legal notices looking for homeowners that are in financial trouble. Once these con artists have your name and address, they set out to prey on you knowing you are under financial stress. Don't get taken! Things are bad enough if your home is under foreclosure, you don't need to lose what little you have to some con artist's scam.
If you are losing your home to foreclosure, you may receive an offer to help save your home from a "Foreclosure Rescue Company." The scammers will scour public records looking for people to prey upon and then call people who have received foreclosure notices. They will try to "sell" you a line about how they have resources that will help you save your home. Good con artists will have you believing they really care about you and your home, when in fact all they care about is parting you with what little you may have left. If you have money, that's what they want. If you have equity in your home, that is what they will go after. Please don't be fooled by these rip off artists. There are legitimate nonprofit housing counseling agencies, so before working with anyone, make sure you are dealing with a person or company that is legit.
The easiest thing to remember is that if it sounds too good to be true, it probably is. Be wary of anyone who contacts you by phone or mail out of the blue shortly after a foreclosure notice. Legitimate foreclosure consultants are not out there chasing foreclosures, you must go to them. Be wary of claims that it will be quick and easy, or stop foreclosure with one phone call. Be wary of those who promise you instant debt relief or cash. Be wary of anyone or company that provides little or no information about the foreclosure process.
Remember to never rely on an oral promise. Get everything in writing. Do not, and I repeat, DO NOT sign an agreement unless you understand every word and phrase in it. Additionally, DO NOT sign an agreement that has blank lines or spaces that can be filled in later. Don't transfer your property to the "rescuer." Never accept a loan that you cannot afford or that must be paid back quickly at a high interest rate as a condition of staying in your house.
Scammers and con artists are out there. In these troubled financial times, they are looking for cash inflow as well. Often when people are down, they are easier targets. The stress of losing your home may make you easy prey if you fall for their "I care, and am here to save you" storey. Don't do it. Remember, scammers are professional at what they do. They fool many good people. Be careful and seek out legitimate professional help and don't fall for something too good to be true. For basic foreclosure advice, I recommend "The Foreclosure Survival Guide" by Attorney Stephen Elias. He covers some of this same information on scams and then provides a lot of useful information written for the lay person on foreclosures. It is a great place to start.
It is sad that people prey on others. It is even sadder that they prey on those facing tough times to begin with. Please don't let them prey on you.
Alain Burrese, J.D. is a mediator/attorney with Bennett Law Office P.C. and an author/speaker through his own company Burrese Enterprises Inc. He writes and speaks about a variety of topics focusing on the business areas of negotiation and success principles as well as self-defense and safety topics. He is the author of Hard-Won Wisdom From the School of Hard Knocks, several instructional dvds, and numerous articles. You can find out more about Alain Burrese at his websites burrese.com burrese.com or bennettlawofficepc.com bennettlawofficepc.com
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