By: Norman Balassiano, Angels Of Debt
With housing prices falling and foreclosures becoming more common, phony “Foreclosure Specialists” are looking for unsuspecting victims. Don’t fall for their unscrupulous tactics. Traps to look out for include:
- Offering tosettle your second mortgage for a large fee: If your house is worth more than what you owe, settling will be difficult. But if you owe considerably more than the house’s value, then settling can easily be done in cases of a legitimate hardship. These so called specialists charge hefty percentages of the amount saved, while many organizations offer this service for free.
- Easy loan modifications:While these specialists promise to facilitate the process,President Obama’s mortgage stability plan has made loan modifications more difficult than ever.
- Demanding fees up front: Without a clear game plan emphasizing the best and worst case scenarios, you should be wary about handing over your money.
In all cases, be sure that the person you are contracting has previous experience, reliable recommendations and authentic documentation of successful case studies.