Help with Foreclosure Scam Tricks

While there are legitimate providers of help with foreclosure, there are some individuals and companies that are scams. There is no regulation or licensing required for loss mitigation consultants. Thus, anyone can claim to be one and ask for a fee even before providing the service that will never be rendered. There are also companies offering a loan to help the homeowner but this is not based on the borrower’s capability to pay. And when the homeowner defaults, they will immediately foreclose. There is also a fraudulent refinancing scheme that asks for large fees but the terms are designed in such a way that the borrower will be unable to make the monthly payments later on.