Oct 25 2008
Don’t Get Fooled Again
The biggest enemy to a distressed home owner is the person claiming they can help them when they really just want to take advantage of an unfortunate situation. Take some basic precautions against being taken advantage of:
- Don’t sign any documents that confuse you. Show them to an attorney.
- Get all “promises” in writing.
- Beware of any loan assumption offers where you are not formally released from liability for your mortgage debt and contracts of sale.
- Check with a lawyer or your mortgage company before entering into any deal.
- If you’re selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer. Contact your state Attorney General, State Real Estate Commission, or local District Attorney’s Consumer Fraud Unit for this information.
If you decide to do business with another foreclosure consulting company, be sure that they are operating within the boundaries of the law. Many people were fooled by dishonest mortgage brokers. It is important when dealing with loss mitigation that they don’t get fooled again.
