You may be noticing a lot of foreclosures in your area, maybe some by former clients. Many of them are looking for ways out, but there are some red flags they should be aware of. According to the Home Preservation Foundation, foreclosure avoidance scams are up 60 percent this year compared to last.
Not enough homeowners are aware of government programs that were created to help them through the foreclosure process. We’ve compiled a list for reliable foreclosure resources.
1. The Home Affordable Refinance Program
2. The Home Affordable Modification Program
3. The Home Affordable Unemployment Program
4. The Home Affordable Principle Reduction Alternative
Other government programs include the Independent Foreclosure Review commissioned by the Office of the Comptroller of the Currency (OCC). The OCC also has started a program to help provide resources to file a complaint against your national bank online and to get answers about everything from mortgages to bank record-keeping called HelpWithMyBank.gov.
To learn more about these government-created programs and for links to the resources, read my full post on today’s Equifax Finance Blog.
Ilyce Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com, The Equifax Personal Finance Blogand CBS Moneywatch She is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.