Stopping the Foreclosure – What Doesn’t Work
STOPPING FORECLOSURE – 3 METHODS METHODS THAT JUST DON’T WORK!
3rd Party Mortgage Modification Companies
Hundreds of these companies have come out of the woodwork since the housing crisis began. In exchange for a large upfront fee – usually from $3,000 to $4,500 - they offer to negotiate a mortgage modification with your lender on your behalf. They also advise you to stop making mortgage payments during the process. The usual result? You lose the fee, don’t get a modification and are that much more behind on your mortgage. These people cause more harm than good. If a mortgage modification can be negotiated, you can do it yourself.
Foreclosure ‘Rescue Specialists’
The ‘foreclosure rescue’ scam is similar to the modification scam in that it also takes advantage of the desperation of people afraid of losing their home. The ‘rescue specialist’ drains all the equity from your property and then finds another buyer who takes possession right out from under you. Please remember, only an experienced debt relief attorney can stop the foreclosure process once it has started.
Debt Settlement Companies
Most people having trouble paying the mortgage have maxed out their credit cards in the process of trying to make things work. This is how the so-called ‘debt settlement’ companies got into the picture. These people promise that they’ll negotiate a settlement of your credit card debt – promising reductions in total debt of 40% and more. All you have to do is pay them a large fee in advance.
But most banks won’t even deal with debt settlement companies and using the industry’s own figures, we see that they settle only about 20% of the debt they take on. Because of this, the largest settlement companies are being sued for fraud and deceptive marketing methods by the attorneys general in many states. Debt Settlement is one of the most far-reaching scams out there. Stay away!
Don’t let foreclosure happen to your family. Fill out our free personal debt analysis form and find out for free if a DebtStoppers plan is a better plan for you.
Note: For information on other scams and predatory lending practices you need to avoid, visit the DebtStoppers Don’ts area of this site.
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