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Watch Out for These Mortgage Foreclosure Scams

mortgage-foreclosure

So you’ve been experiencing financial difficulties and you’re at risk of having your mortgage foreclosed. There seem to be many individuals and entities out there willing to help you avoid foreclosure, but you need to beware—many of them are outright frauds and will only make your situation worse. Here are some scams to avoid.

The Old “Bait and Switch”

With this strategy, a lender will promise to refinance your mortgage at an attractive rate, perhaps lowering interest rates or extending the length of the mortgage. Then, when you show up at the closing (after you’ve incurred expenses for title searches, surveys and inspections), the lender tells you that the original deal is off and offers you a new package, with much less favorable terms. Often, because of the money you’ve already spent and your fear of losing your home, you take the bait, so to speak, and sign on for more than you can afford.

Property Leasebacks

Under this scenario, a fraudster comes in and offers to pay your monthly mortgage payments and allow you to stay in your home. In exchange, all you have to do is deed your property over the fraudster and make monthly rental payments, which will include an amount supposedly allocated to buying back the property. Unfortunately, you have no guarantee that the party to whom you are making payments will actually use the rent to pay off the mortgage. Furthermore, if you couldn’t afford your previous mortgage payments, how do you expect to be able to pay an even higher monthly payment—the new payment will include the costs of your mortgage plus some interest income to the recipient.

Contact Us to Protect Your Rights

In the aftermath of a personal injury or consumer fraud, evidence can get lost and memories can fade. Don’t run the risk that you won’t be able to get full and fair compensation for your injuries. Contact our office online or call us at 856-667-4666 to arrange a meeting. Evening and weekend appointments can be set up by request. We’ll also come to your home or the hospital to meet with you, if necessary.

We handle all personal injury claims on a contingent fee basis. There won’t be any attorney fees unless we recover compensation for your losses.

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