Ask for Mortgage help but stay away from foreclosure fraud
While foreclosures are on a rise as an aftermath of the credit crunch, scam artists are finding their way into deceiving homeowners who default on their mortgages.
The scammers act as someone representing the lender who can help them sell off their homes and avoid foreclosure. And in return, they demand charges and make them sign papers which actually lead them into further problems.
In one such instance, a guy in Salinas, California along with his wife had trusted someone called Roberto, who offered to help them sell off the property. But this guy Roberto finally took a lot of money from them and made them sign papers and when the couple came to know that there wasn’t anyone by his name representing their lender, they were scared enough to lose their home. Now they’re even scared to take help from anyone who genuinely wants to offer it.
This isn’t the single incident in Salinas; there are thousands of homeowners in panic because they fear that they’ll be the next target for mortgage fraud. They’re actually calling up housing counselors often bothering them with personal problems that come along with financial hassles. In fact, the increase in the number of people asking for relief reflects the rising number of foreclosures in Salinas over the past few months.
The worst affected in the state are the low income Latino families who were given loans in spite of being undereducated and underpaid. And the loans had negative amortization features. So one can well imagine what they were being offered. Adding to the financial woes, there are people who send flyers through mails to those in mortgage problems just to scare them even more.
The fact remains that there is help offered to homeowners in financial problem but it’s not enough for all in trouble. Moreover, those offering mortgage help are giving priority to homeowners who are 90 days late rather than those who’re 60 days late. Then there are several homeowners paying $4000 to $12000 as charges for loan modification. But they aren’t getting it really. So, this is the situation out there in several states. But that doesn’t mean you lose hope. Talk to the lender as soon as you find there’s problem in making payments. This is the simplest way to start off. The sooner you talk to your lender, the better can be your way out of mortgage problem.
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