Foreclosure Consultants...What's the Story?

By
Services for Real Estate Pros with The Peninsula at Golden Isles

 

I've been researching foreclosure consultants and what they do. I've found that if you speak with the consultants themselves that they will tell you they are totally legitimate, and are there to help you. I've also found that many states feel that they are taking advantage of desperate home owners, and there are steps that need to be taken to prevent foreclosure consultants from capitalizing on the increasing foreclosure market.

I was just curious if anyone has dealt with foreclosure consultants in the past. I'd like to hear about your experiences with them if any, and what you know about them.

Thanks. 

 

Comments (4)

Tracy Jasper
Freedom Financial Group - Denver, CO

Coming from a former Loss Mitigation / Foreclosure Consultant I can tell you that it wasn't a position I felt good about.

I worked for a company that charged a MINIMUM of $995 to those facing foreclosure. (more if a sale date has been set) just to negotiate with the lender's Loss Mitigation Department. 

I once spoke with a single mom facing foreclosure who was barely feeding her kids. How do you ask for $1000 when her kids are hungry??? I ended up giving her some information on non-profit agencies that may be able to assist her and sent her a Kroger gift card so she could buy some groceries.

Needless to say, that was the last call I took as a "foreclosure prevention specialist"

I went into the industry with a good heart and good intentions thinking, "wow, I can help save a home' - come to find out, I'm just collecting money from desperate homeowners for something they can do on their own ... for free.

It's really sad that these companies are preying on such desperate individuals. I rank them right up there with predatory lenders.

It's a very soar subject for me.

Jan 11, 2008 03:23 AM
Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission.
Florida List For Less Realty, Inc. Broker/Owner. - Cooper City, FL

Tom,

I do a lot of short sales and foreclosures. I assure you I have an attorney who assists me each step of the way!

Jan 11, 2008 03:40 AM
Tom Tunison
The Peninsula at Golden Isles - Brunswick, GA

Tracy

Thanks for the comment.
That does seem like a tough situation to be in. It seems like you made a great choice.

Jan 11, 2008 07:01 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

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