Wednesday, September 17, 2014

How to avoid foreclosure scams

When a real estate owner finds himself facing foreclosure and have little knowledge about the process, he might find the whole process a bit overwhelming and frustrating. During this time, desperation may even ensue as he seeks help to get out or avoid the situation. Unfortunately, there are some people who take advantage of people in this state and to scam money out of the owners’ pocket.

In order for you to protect yourself, here are some tips on how you can avoid foreclosure scams.

Listen to your instinct
More often than not, when we are faced with something that is too good to be true, they almost always are. As such, when you become suspicious about offers from so-called professionals, consult with a government counselor. Like with doctors, ask for at least three different “diagnoses.” This not only applies to consultants you may be thinking of hiring but even suspicious schemes that may occur during the process of foreclosure. There is no harm in verifying your suspicions and knowing your options.

Work with an approved counselor
There are many non-profit organizations that have a great track record in handling foreclosure affairs. Sometimes, you can even go to the local housing government unit near you to ask for a profession who can help you handle the problem. Referrals are good, however, doing research about the person you’re working with is better.

Guarantee your payment
Never pay for a counselor who would require a fee even before you are provided with the services that you were promised. Also, be wary of those who only work when you are to issue a cashier’s check or a wire transfer. Make sure every transaction between both parties is documented to protect both your interests. 

Do not sign what you don’t understand
Make it a point to read every document that is presented to you. Never rely on just the explanation of your counselor. When in doubt, ask them if you may take home the document for review. Also, never sign blank forms as you never know what might be included later on. You may also get someone else to check the document should you not feel confident in making the decision on your own.

With these simple tips, you can protect yourself from being a victim of foreclosure scams.

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