Be Wary of Foreclosure Rescue Programs

It saddens me when prospective clients come to me after investing thousands of dollars they don’t have to companies promising to rescue them from impending foreclosures. I hear stories about foreclosure rescue companies promising to help desperate homeowners avoid foreclosure from many. I read about these companies facing steep sanctions and monetary penalties all too often.

The Federal Trade Commission and Foreclosure

If you think you’re the victim of a fraudulent foreclosure rescue program, you can file a complaint with the FTC. Do yourself a favor and read the consumer bulletin published by the Federal Trade Commission about mortgage assistance relief scams here.

Can You Stop Your Foreclosure?

Be wary of attorneys and foreclosure “rescue” firms that promise to stop your foreclosure. You may not be able to stop foreclosure if it’s imminent. Guaranteed relief promises should raise red flags. Under the MARS Rule, foreclosure assistance programs can’t charge upfront fees and must make certain disclosures. They cannot make claims about the effectiveness of their programs unless they back their statements up with proof.

Find Free Help With Foreclosure Counseling Programs

It’s frightening to imagine losing your sweat equity, life savings and shelter through foreclosure. Your American Dream that you’ve worked so hard to achieve. You knew it was a possibility, but you didn’t think it would happen – at least so quickly. Obviously, the best way to prevent foreclosure is to pay your monthly mortgage payments or to obtain a bank workout agreement. However, if this isn’t possible, you can obtain free counseling through the Homeownership Preservation Foundation or HOPE, a national nonprofit organization. Although HOPE counselors will not give you legal advice, you may not even need it.

Finding a Real Estate Attorney

Attorneys can charge upfront legal fees if properly maintained in client trust accounts under the MARS Rule. An attorney must also have an active license to practice law in the state where you live or where your house is located. Often, a real estate attorney can provide you with valuable assistance to help you avoid foreclosure. Your attorney probably can’t prevent foreclosure in some cases, but your real estate attorney can help you consider other alternatives, including home loan modification or bankruptcy.

Call Keithley Law, PLLC today at (703) 454-5147 for a free case evaluation.

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