Steering Clear of Foreclosure Scams
April 16th, 2009
By Ross Domke
If it sounded too Good to be True…
It totally is.  Always. And this doesn’t just go for housing. This pertains to all things internet. Unless you’re taking advantage of some blind octogenarian, you’re never going to get a car on Craigslist for 100 bucks, and if someone claims they can get you out of foreclosure fast and easy…they’re a liar.
Red Flags- Learn ‘Em, Love ‘Em, Live ‘Em!
First and foremost- a big fat up-front fee is generally a huge warning sign. They promise the moon and deliver a big fat hole in your checking account. And let’s face it, if you’re researching how to stave off the wolves from your door, giving someone a big chunk of money up front usually qualifies as a Bad Idea. Also, anybody who wants you to sign over the deed to your pad? Bad Person. No legitimate housing counselor will ever ask you to do this. Repeat: Nobody legit will EVER ask for your deed to be signed over. EVER! An example of a scenario they might use: They’ll offer to buy your house and ‘rent’ it back to you. If they advise you to circumvent your mortgage lender and work directly with them… Bad Guy. Advising you to not talk to your lawyer? Bad Guy.
Any of these things happen- walk.
Help is on the Way!
The good news is not everybody is out to get you. There are plenty of honest hardworkin’ ‘Mericans out there that can and want to help you. Check here for certified, legitimate counselors. Also, these guys can also lend you some advice (not money though, that’s what got you into this mess in the first place!). Also, talk to your lender. If you think you’re in trouble, or are about to be in trouble…ASK FOR HELP EARLY. I cannot make this any more clear than that. Lenders (especially in the state of things these days) want to work with you. They want your payments much more than they want your house. Trust me on this.
The longer you wait, the harder it will be to get your loan modified.
If you’re in trouble, you aren’t alone. But don’t go grasping at straws…be smart about this, and we’ll get through it.
JERRY BAKER
GMAC REAL ESTATE PROFESSIONALS
530-524-8806
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