A growing problem today is foreclosure rescue and mortgage modification scams. These scams can cost you thousands of dollars and even the loss of your home. The scams often hook unsuspecting victims with false guarantees to lower mortgage rates or “save” their home, for a fee. They falsely claim to have direct contact with your mortgage servicers and promise to work on your behalf, when in reality they only intend to take your money and run.
The following tips will help you to be better informed regarding legitimate foreclosure rescue and mortgage modification options.
• The only ones with discretion to grant a loan modification is your mortgage servicer. A third party cannot guarantee or pre-approve your Home Affordable Modification Program (HAMP) mortgage modification application.
• In most cases, charging advance fees for a mortgage modification is illegal. If anyone is asking to charge you in advance for mortgage modification services, beware.
• The likelihood that you will receive a mortgage modification is not improved or guaranteed because you have paid a third party to assist with your application.
• If a third party is boasting of continued success rates, offers money-back guarantees, or they claim to be experts in HAMP, this is a red flag.
• Check and confirm any affiliations or connections an individual or company may claim to have with HAMP or the U.S. government. Even if you see a seal or logo in their correspondence or online, check it out.
• Never sign over the deed for your property to any organization or individual unless you are dealing directly with your mortgage company in an effort to forgive your debt.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.