Local Law Blogs

There are many reasons why a borrower might be unable to make loan payments on a mortgage. Anyone can lose a job, become disabled or just make a mistake on a budget plan. Sometimes, lenders are willing to work with borrowers to solve the problems and avoid foreclosure.

Sometimes, though, the lender does decide to foreclose. And there are people watching the newspapers and other sources to find out who is being foreclosed upon. These people (or companies) may try to contact borrowers and offer to help, and they may even offer to stop the foreclosure. But there are strings attached, so beware.

Before a borrower enters into any kind of agreement with someone promising to prevent a foreclosure, that borrower should consult an attorney. Often the companies seeking to intervene in a foreclosure may not be acting in the best interest of the borrower. And there is a great deal of risk to the borrower if the company does not follow-through with its promises.

Borrowers must be wary of strangers contacting them during the challenging time of a foreclosure. It is possible that these strangers may offer a great benefit, and may even help a borrower save their home. But it is also possible that the agreements they offer might cause more harm than good. Do not assume that strangers have good intentions under these circumstances