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If you are facing foreclosure, it’s important to be wary of foreclosure scams. One of the easiest ways to recognize a scam is if the company asks you to pay a fee. Usually, the company will offer to negotiate with your lender in return for you paying them. They payment may be as either a fee, or moving your mortgage payments to them directly instead of to your lender.
There is protection in place for homeowners against these types of foreclosure scams. The Federal Trade Commission (FTC) has a rule that states that a company cannot receive any money from you unless an offer of relief has been made by your lender and you have accepted the offer. In other words, you pay the company after they have helped you.
Many foreclosure scams claim that they will save your house and get you out of debt. This is a promise they cannot keep. In fact, many of these companies give bad advice, provide no help and will leave you in a worse situation than before you contacted them.
If you have been contacted by a loan modification company and think it’s a scam, an experienced attorney can defend help. Foreclosure laws differ in different states, so it is important to find one who understands the laws of the jurisdiction in which you live. If you are facing foreclosure or think you are subject to a foreclosure scam, search for a foreclosure attorney in your area today.