Bankruptcy

Before Foreclosure Rescue Scammers Start Knocking...

By Bill McLeod, Esq.

I came across an interesting story (and video) over at CNBC.com: Fraud at your Front Door which discusses foreclosure rescue scam artists who are knocking at the front door of homeowners facing foreclosure. I have met clients who have told me they have been approached by individuals how have been at their doors offering assistance. But there?s no rescue. They's only a rip-off.

Not only do the homeowners lose money, they lose time to productively work with their lender. I heard a lender attorney recently say that homeowners have told them that ??we paid this person to help us.? But the person is not helping them, and as this CNBC story points out, in many cases, the "helper" doesn't even contact the lender. In addition to losing valuable time and money, the homeowner may also lose credibility with the lender.

The story recommends that if your lender is unwilling to relax the payments to help you, seek a qualified real estate attorney or non-profit credit counselor. But there are also local mortgage counselors who will help you with a modification request (click here for ESAC located in Boston). And I also think you should not rule out speaking to a bankruptcy attorney so you can discuss your options. Or, I encourage you to contact us if your lender is unwilling to work with you.

Full post as published by McLeod Law Offices on January 23, 2009 (boomark / email).