"We were in way over our heads with our property. We bought it high and when the market crashed, we were upside down with our mortgage. We were about to file for a bankruptcy when we found out about 1st Foreclosure Prevention online. We decided that at this point, we had nothing left to lose. We were already resigned that we were going to probably lose our home anyway and our credit would be shot. We are so happy that we called for a free foreclosure consultation from 1st Foreclosure Prevention and got the foreclosure help that we needed. We did not have to file bankruptcy and the loss mitigation experts were able to work out a deal with our bank. Now our credit is back to where it was before we bought the property - thanks to this company."
"I struggled so hard to buy my home for me and my children and thought I got a good deal on a loan. But then I found out that the loan amount was going to go up each month. I wasn't able to afford the new payments. I had gotten a new job after being laid off, but my new job didn't pay as much as the old one. I was really figuring that I was in trouble. I wanted to save my home from foreclosure, but didn't know how. I called 1st Foreclosure Prevention and they treated me with compassion and respect. They knew all about the law, too, and how to stop foreclosure. They gave me a totally free foreclosure evaluation and explained all my options to me. Because of them, I was able to save my home from foreclosure."
"When my wife died, I thought that we would be okay. But I found out that we relied on her salary to pay the mortgage and bills more than I thought. She always handled the money so I didn't think that I was going to have a problem. But when she died, I found that I couldn't afford to pay the mortgage anymore. So I contacted this company that I found online called 1st Foreclosure Prevention. They gave me a free consultation and talked to me about options and what I wanted to do. They explained how important it was to stop foreclosure before it begins and were able to give me the help that I needed. I found out that I didn't have to go through with the foreclosure process at all and was able to save my home. Thanks to them - they really gave me the foreclosure help at a time when I was at my lowest point."
"We figured that we'd be going through foreclosure no matter what. But we didn't know there were things that you could do to stop foreclosure from happening to us. We heard about foreclosure scams and were hesitant to even contact anyone for foreclosure help, for fear of getting scammed. But 1st Foreclosure Prevention seemed pretty legitimate. They helped us out and were actually able to stop foreclosure from happening to us. We got a free foreclosure evaluation and they were very informative as well as professional. We were pretty impressed with their experience and their knowledge of the laws in our state. We're glad that we contacted them as they really gave us the foreclosure help we needed."
"We called 1st Foreclosure Prevention right away because a friend of ours who went through foreclosure in Florida told us about them. We knew that the sooner we acted to stop foreclosure, the better our chances. They gave us a lot of help and we were able to prevent foreclosure. Their loss mitigation specialists were great, too. They knew the laws in our state better than we did and they also had a lot of options for us that we never would have considered. Thanks to them, we are much better off. We're glad our friend recommended them and now we will do the same for others."
"It seemed that every home in our block was up for foreclosure and we didn't think we had any way out. We knew that we owed more on the house than it was worth and were very tempted to just let the foreclosure process play out. Then my husband found out about foreclosure help from 1st Foreclosure Prevention. We contacted them and found that we could get out of the house without having to endure the foreclosure process. This company presented us with options that we didn't even know existed. Not only that, but we're glad we didn't go through the foreclosure process because my husband lost his job, got a new one and the employer did a credit check! This company really helped us out."
Home / Avoid Foreclosure Scams
Avoid Foreclosure Scams
While there are loss mitigation companies that can help you stop foreclosure, there are, unfortunately, many so-called foreclosure help companies out there that are looking for a way to take advantage of your situation. There are more foreclosures in the United States than ever before and as a result, more foreclosure scams.
But you do not have to fall prey to trickery that is put into play during foreclosure scams. Armed with knowledge and the fact that you have options to stop foreclosure can help you a great deal in your plight. Getting a free foreclosure evaluation can give you some foreclosure help that you need to understand your options.
Some of the most common foreclosure scams involve the following:
Taking a fee up front for loan modification
Many companies will charge a fee for what they call a loan modification. You can get a loan modification, in which the loss mitigation firms work to re-negotiate your mortgage with your lender, but when a company wants a fee to perform your qualification, often they do not have much of a success rate. Most legitimate loss mitigation companies that perform this service take money after they performed the qualification process. Beware of anyone who promises foreclosure help or to stop foreclosure and wants money up front prior to a detailed evaluation.
Take your deed without curing the debt
This is one of the most predatory foreclosure scams around and is still, unfortunately, going on today. The scam involves getting you to sign over the deed to your home to a third party with the promise that they will pay off the mortgage. The third party does not do this at all - in fact they just rent the property to someone else and collect the funds. Then you are stuck with the same mortgage obligation and can often be subjected to a deficiency judgment. Do not sign over the deed to your property without the advice of an attorney. Anyone who tries to get you to do this may be taking you for a very bumpy ride.
Ask you to send your mortgage payment to them/div>
This is one of the oldest foreclosure scams in the book. They will have you sign some papers and tell you that they will mitigate your loan and get the lender to take less if you send them the mortgage payment each month. They do not make your payments and it can be months before you realize that you have been scammed.
Offer credit counseling to stop foreclosure
Credit counseling has the same impact on your credit as a Chapter 13 bankruptcy. Only it is not guaranteed as no one has to listen to a credit counseling company, but they do have to adhere to a court order issued by a bankruptcy judge. They will tell you that they are giving you foreclosure help, but in reality, they are impacting your credit the same as bankruptcy would, without protection of the court. On top of that, they usually charge a monthly fee for their service that they term as a “donation.“ This is a foreclosure scam - stay out of it.
So how do you know the loss mitigation companies that truly can help stop foreclosure legitimately apart from those who just want to make a buck off of your misery? There are certain things to look for when you are seeking to stop foreclosure and have been approached by loss mitigation agencies, or those that say they are. Some of the red flags you should look for to tell you that you might be getting scammed include the following:
- The company tries to convince you to sign over a deed without legal representation;
- The company asks for a high fee up front without doing anything to give you foreclosure help;
- The company does not offer you options to stop foreclosure;
- The company does not know the foreclosure laws in your state;
- The company does not tell you how they can help you;
- The company tries to get you to send your mortgage payments to them to work out the foreclosure deal.
These are all red flags, but you should be wary of anyone who will make you an offer that seems to be too good to be true. There are ways that you can stop foreclosure, but they all take a little time and work on behalf of the loss mitigation specialists.
When you are in the foreclosure process, the information that has been made public will travel fast. Once you receive a Notice of Default or a Lis Pendens, you will have people coming out of the woodwork to try to give you foreclosure help. You have to look for those who are legitimate and can actually help you stop foreclosure. Some of what to look for in loss mitigation specialists include:
- Loss mitigation specialists who explain all your options;
- Loss mitigation firms that offer you a free foreclosure consultation;
- Loss mitigation agencies that know the foreclosure laws in your state;
- Loss mitigation specialists that do not ask you to sign over a deed without legal advice;
- Loss mitigation companies that do not seem to rush you into making a decision.
You can get a free foreclosure evaluation and find out all of your options to stop foreclosure when you visit www.1stforeclosureprevention.com. At 1st Foreclosure Prevention, we have a staff that consists of professionals including attorneys, loss mitigation specialists, negotiators and real estate professionals. We do not just give you one option, we take a careful look at your case and explore all of your options to stop the foreclosure process with you. Then we help you decide on what to do.
There is no obligation on your part to continue with our services after you receive your free foreclosure consultation. We do not ask for fees before we do any work for you and we never ask you to sign over a deed without legal counsel. We understand your plight and are willing to work with you to help you stop foreclosure with every option that is available to you.
