States Warn Homeowners against Foreclosure Scams
Before, losing your home to foreclosure can be considered to be the worst thing that could happen. But these days, it seems that there is something much worse — falling victim to a foreclosure scam.
Overnight, the number of foreclosure rescue companies has risen exponentially. This, of course, can be expected considering the millions of distressed homeowners in the nation. These companies usually promise to act as middle man between lenders and homeowners and stop foreclosure, for a fee amounting to as much as $2,500. Some even offer to take over the mortgage obligations until such time that the owner has become financially-stable. In exchange, the owner must sign over the title of the property to these companies.
Although it may seem that this is a way out of foreclosure, state officials are warning troubled homeowners against these offers. And the efforts of these states do not stop there. Eighteen states including Oregon, Washington and Virginia have banned activities that could lead to foreclosure rescue scams.
For these states, prevention is indeed better than the cure. With the rising number of families losing their homes to foreclosure, states have their hands full. The housing crisis has already affected tax collection and if these foreclosure rescue scams are not stopped, more problems will arise.
Homeowners who are struggling with their mortgage payments should realize that there are actually available options they could explore in order to stop foreclosure and keep their homes. Among these options are loan modification, new repayment plan, short sale and even deed in lieu of foreclosure. It is very important for homeowners to think things clearly and learn about the foreclosure process in order to make an informed decision.
If one succumbs to panic and despair, you will probably be an easy target for these bogus foreclosure rescue companies.
Foreclosure Listings in USA States:
- California Foreclosure Listings
- Florida Foreclosure Listings
- Oregon Foreclosure Listings
- Texas Foreclosure Listings
- Virginia Foreclosure Listings
- Washington Foreclosure Listings
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