WARNING: Beware Of Foreclosure Scams
Are you facing foreclosure? If not, you might know someone that is facing foreclosure, considering a high percentage of people know someone facing foreclosure.
Today, there are hundred’s of companies springing up all over the country purportedly foreclosure rescue companies.
The Internet maybe a wonderful tool to gather information however in today’s environment it can be used for taking advantage of people by individuals lacking good moral and ethics. How does this happen?
When a homeowner falls behind on their mortgage payments a document called a "lis pendens" is filed with the local circuit court. A lis pendens is a filing for a pending suit - the suit is for non-payment of the mortgage in this instance. Many circuit courts provide access to the records of the court. This is where names and addresses can be obtained by the unscrupulous individuals running the foreclosure rescue companies.
Also, the same information can be found at the time the final judgement is signed by a judge and entered into the public records.
What are some tips to prevent you or your friend from being taken advantage of?
- If you receive a letter or telephone call, that is very inviting offering you to help you out by helping to stop the foreclosure. You may have noticed some of the signs with an 800 number on Immokalee Road in North Naples, Golden Gate Blvd. in Golden Gate Estates, along the East Trail in South Naples or along Davis Blvd. or Radio Road in Central Naples.
- If they ask you to pay an initial amount and they will not let the bank continue with the foreclosure action. In some cases they may ask you to make your future mortgage payments to them as well.
- If they ask for cash or personal check and do not accept credit card payments.
Here are some tips to help you:
- Don’t ignore warning letters from your lender - they do want to work with you.
- Get detailed information about deadlines you face.
- Consult a lawyer, if possible.
- Never make your mortgage payments to anyone other than your lender.
- Don’t sign any contract until you have read it, consulted with your lawyer or real estate agent.
If you have any questions, please do not hesitate to call me at 239-593-3581. I have three top notch real estate attorneys to recommend you to.
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Two ways to avoid foreclose. If you are 62 or over and have 35% equity in your home, you can take out a reverse mortgage supported by FHA, no matter what your credit report shows. If you are facing foreclosure and have gotten into trouble because of your adjustable rate, you might qualify for FHASecure.