Home foreclosure is not the best situation to be in. Once the notices start coming and the phone starts ringing you can't really keep hiding. You're going to hear from lots of people who claim that they can help you. These calls are from organizations and companies that have their own motives and goals. Beware, in desperate times even a good sales pitch may sound like a miracle. Let's take a look at what they really want.
There are a number of people who are going to send mail or call. Most likely they were able to get your address or your number from the court system. Due to the legal nature of the process your information will be deemed as public and be published. This means anyone with internet access can find you.
The most common people or organizations that are going to give you a call:
Swindlers/Con Men
These are the ones you have to beware of. (And there are a lot of them out there.) All of them offer promises and refer you to a chapter 13 attorney to collect a fee. In worse cases, they will take the deed of the house and force you to pay rent while leading you to believe that they can save your home and in the end you lose it all because they do nothing but take your "rent money" and skip town.
This is the most common problem you will face besides the actual foreclosure.
Mortgage brokers
They can help you by refinancing your property. However, these loans may have higher interest rates and closing costs than what you payed at the bank. Some may even charge you more to see how much you are willing to pay and take advantage of it. Not all brokers will do this to you. Shop around and ask family and friends for a referral if you decide to use a broker.
Attorneys
This is your last resort. Most attorneys don't really care about the situation you're in or give you the attention you need.
Mortgage negotiators/Mortgage "Mod gods"
They negotiate repayment schemes with mortgage lenders. You can negotiate with the bank but in case it fails you can ask the help of a professional to get the plan approved. Some banks may impose a much more demanding plan and these professionals can get you a more favorable agreement.
Private Financers
They help arrange a new loan for you or buy the house from you. No matter which type you choose you must be completely aware of what they are doing and what they want. Other people can help while some can just make matters worse.
Mortgage/note holder
Your mortgage holder will call you to reinstate your house. This can be a good option depending on your situation. These are usually offered by mortgages backed by the government.
Whoever calls you or wherever the mail comes from be aware and think things through. You can stop a home foreclosure with the right options applicable for your situation. Do not throw in the towel if you don't have to.
There are a number of people who are going to send mail or call. Most likely they were able to get your address or your number from the court system. Due to the legal nature of the process your information will be deemed as public and be published. This means anyone with internet access can find you.
The most common people or organizations that are going to give you a call:
Swindlers/Con Men
These are the ones you have to beware of. (And there are a lot of them out there.) All of them offer promises and refer you to a chapter 13 attorney to collect a fee. In worse cases, they will take the deed of the house and force you to pay rent while leading you to believe that they can save your home and in the end you lose it all because they do nothing but take your "rent money" and skip town.
This is the most common problem you will face besides the actual foreclosure.
Mortgage brokers
They can help you by refinancing your property. However, these loans may have higher interest rates and closing costs than what you payed at the bank. Some may even charge you more to see how much you are willing to pay and take advantage of it. Not all brokers will do this to you. Shop around and ask family and friends for a referral if you decide to use a broker.
Attorneys
This is your last resort. Most attorneys don't really care about the situation you're in or give you the attention you need.
Mortgage negotiators/Mortgage "Mod gods"
They negotiate repayment schemes with mortgage lenders. You can negotiate with the bank but in case it fails you can ask the help of a professional to get the plan approved. Some banks may impose a much more demanding plan and these professionals can get you a more favorable agreement.
Private Financers
They help arrange a new loan for you or buy the house from you. No matter which type you choose you must be completely aware of what they are doing and what they want. Other people can help while some can just make matters worse.
Mortgage/note holder
Your mortgage holder will call you to reinstate your house. This can be a good option depending on your situation. These are usually offered by mortgages backed by the government.
Whoever calls you or wherever the mail comes from be aware and think things through. You can stop a home foreclosure with the right options applicable for your situation. Do not throw in the towel if you don't have to.
About the Author:
Doc Schmyz has done real estate deals all over the US and Mexico. He built a free free website shares Real estate investing information for all over the US. Find Real estate investing information by state
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