Facing foreclosure of your home is a frightful situation, and scammers prey on that desperation. They offer quick fixes and guaranteed solutions that sound too good to be true, because often, they are.
Foreclosure rescue scammers often promise relief through refinancing, but this ends up being on unfavorable terms, such as high interest rates or accelerated payments. In addition, they usually charge high fees for themselves, some of them upfront. In the worst-case scenario, they may take ownership of the property in question while providing little or no benefit to the debtor.
While there are several variations in mortgage foreclosure rescue scams, they generally fall into one of these three categories:
It’s not always immediately apparent that one of these scams is in play. Here some red flags to watch out for:
If you’re facing foreclosure, there are legitimate remedies available for keeping your home. The most potent is a Chapter 13 bankruptcy. Once you file for this relief, an automatic stay goes into effect that stops your lender from proceeding with foreclosure and other collection efforts. This lets you pay off mortgage arrears over a period of time (as long as five years) while getting current payments on track.
Jeff Field & Associates in Scottdale, Georgia, we help homeowners use Chapter 13 bankruptcy to fight foreclosure and obtain mortgage debt relief. Call us today at 404-381-1278 or contact us online to arrange a free consultation.
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