In recent years the landscape of home ownership has changed drastically. Mortgages went from easier to get than many credit cards to impossible to obtain to available for those who qualify, but the mark left by the recession can still be seen in the literal sprinkling of foreclosures. Mortgages and foreclosures simply come right along with homeownership for many in today’s economy. If you find yourself facing foreclosure, remember that you aren’t alone. According to experts in the industry, total numbers of foreclosures could reach approximately 13 million by the time the economic crisis fully corrects itself.
The foreclosure process can seem extremely intimidating. The intimidating nature of foreclosure makes it even more important to remember that there are options available to you that provide you with the chance to save your home, sell your home quickly or simply transfer your home before a foreclosure sale.
But even more important than remembering that there are laws to protect you from losing your home to financial crisis, is being aware of the various foreclosure rescue scams that attempt to take advantage of people in your situation.
The increase in foreclosure rescue scams is simply following the increase in foreclosure rates. Supposed “rescuers” running the scams approach already desperate homeowners offering “solutions” to their problems. In the end, they aren’t solutions and, more than that, they come with potentially drastic consequences. Many are scammed out of thousands of dollars while they’re waiting for the relief they were promised. And as these individuals are all susceptible to the scams because they don’t have the money to keep their mortgage up to date, they don’t have thousands to spare. In many cases, they fall deeper into default on their mortgages and lose valuable time chasing fake solutions instead of actually doing something to save their homes from foreclosure.
For additional information on how to navigate your defaulted mortgage or your foreclosure or if you’d like more information on how to avoid foreclosure rescue scams, get in touch with the California real estate lawyers at The Law Office of Retz & Aldover LLP today.