Due to several unfortunate foreclosure stories I have heard and came across to as a real estate agent, I am now more determined than ever to support Pinellas County Stop Foreclosure. In these unstable economic conditions, foreclosure can happen to just about anyone. You might personally know someone faced with foreclosure: a friend, a neighbor or a relative. The fear and anxiety that comes with the thought of losing one’s home can lead anybody to make poor decisions or sometimes even succumb to desperate measures, thus making him a vulnerable target of fake foreclosure rescue firms. These firms have several means of acquiring information of distressed homeowners such as going through public records, and soliciting clients through Internet, TV and newspapers advertisements. These firms have one thing in common and that is to promise the distressed homeowner exactly what he wants to hear.
As a real estate agent supporting Pinellas County Stop Foreclosure, I make it a point to read all information relevant to this cause. I am happy to know that Pinellas County residents who might be under this predicament have a Pinellas County Foreclosure Fraud Prevention Team to run to for real and honest assistance.
The following are some of the scams that you should be aware of:
§ Rent-to Own
The ‘so-called’ rescuer would convince you to surrender the title to your home so you can stay as a renter and you would be promised that your timely rental will help restore your credit to qualify for new financing to buy your home back. Often, the terms of the new deal are more complicated that buying your home back is almost impossible.
§ Phony Counseling
You would be advised by the ‘so-called’ rescuer that he can negotiate a deal with your lender to save your home, but you must first pay an upfront fee and once you’ve written the check, the scam artist takes off with your money.
§ Bankruptcy Relief
The ‘so-called’ rescuer would promise to negotiate with your lender for a refinancing if you would pay an upfront fee. However, he would file a bankruptcy claim in your name which often temporarily stops a home foreclosure. The foreclosure continues if you’re unable to follow the strict conditions of the bankruptcy proceeding. You might end up losing your home, the money you paid the ‘so-called’ rescuer and face up to 10 years of bad credit because of the bankruptcy.
§ Bait and Switch
You would be asked by the ‘so-called’ rescuer to make your mortgage payments directly to him while he negotiates new terms with your lender and after a few months you’ll find yourself more behind on your payments and your so-called ‘rescuer’ nowhere to be found. Oftentimes, you would be asked to sign documents to make your delinquent mortgage “current” which is a trick and what you’ll end up doing is to surrender the title of your house for a nonexistent “rescue” loan.
Many Pinellas realtors, I myself included, support Pinellas County Stop Foreclosure. There are other options available to save your home. All you have to do is be well-informed.
For free counseling assistance on foreclosure, you may contact the following:
Tampa Bay Community Development Corporation
Neighborhood Housing Services
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