Foreclosure Rescue Scams - Homeowner Beware

Posted by The Cascade Team Real Estate on Wednesday, October 26th, 2011 at 8:43pm

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If you're having problems paying your mortgage, be sure to avoid companies selling "foreclosure rescue," "securitization audits," and other home loan modification schemes.  Free, or reduced fee, housing counselors are available nationwide to assist homeowners in working with their lenders, so there really isn't any reason for a consumer to pay hundreds or thousands of dollars for these services," Attorney General Rob McKenna said in a statement.  "Unfortunately, we continue to hear from homeowners who have lost their money after paying large, up-front fees to companies who ultimately did not deliver on their 'foreclosure rescue' promises," McKenna said.

In recent years, new companies have cropped up across the country aiming to take advantage of vulnerable homeowners and capitalize on the conflicting and confusing news and information relating to the mortgage crisis. A potential new threat to Washington residents came to light last week when a staff member of the Attorney General's Office received an unsolicited telemarketing "robo-call" on his work line from an out-of-state company offering "securitization audits" and other legal services promising to halt, and even reverse, foreclosures.

McKenna cautioned that homeowners should be especially skeptical of solicitations from out-of-state firms, which may not be familiar with Washington law or licensed to provide legal services in this state. He advises consumers not send their money out of state to get help with their mortgage problems.

The Cascade Team Real Estate has a team of Certified Distressed Property Experts and are well versed in options available for home owners.  If you are a homeowner in distress, contact us and we'll take you through the different options avialable.

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Information provided by Rita R. Robison

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