Avoiding Foreclosure Scams
Facing foreclosure is a wild and painful time, one which brings with it overwhelming feelings of desperation, confusion, and despair. As such, it’s often the perfect time for a scam artist to attempt to prey on the vulnerability felt by the soon to be foreclosed.
When consumers are frantically trying to save their homes, they look for someone to trust. That’s where foreclosure scam artists step in. Rescue companies search public records and see your home is set to be foreclosed. They contact you by phone or email– sometimes even in person– and claim they can renegotiate the terms of your mortgage with your lender.
They charged high fees for their services and offer a money-back guarantee that they can stop the foreclosure. Most of what you hear from these companies is a lie!
Avoiding foreclosure can often be avoided here in Utah with a Utah home equity loan long before a payment gets past due. Careful financial planning is key here. If you can’t afford your payments one month, you should move carefully to stem the tide, and prevent a foreclosure early on.
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