With the downturn in the US economy, many family homes have undergone or are in the process of foreclosure. Unfortunately, foreclosure scams are widespread with banks and other parties using every means to foreclose on your property and remove you and your family from your home. If you have defaulted on your mortgage payments due to some financial problem or sudden liability you should be very wary before you sign any document without properly reading and understanding it. Read all your mail for notices etc. Once you receive a foreclosure notice if you are a Florida resident you will have to respond in 20 days. If you are facing foreclosure, a foreclosure attorney may be able to counsel you on how to avoid the experience. Recent studies suggest that mortgage related fraud prosecution in Florida is one of the highest recorded in the nation.
For a family facing the recession the first thing you can do to improve your financial health is to tighten your belts and adopt some austerity measures. Saving by leading a less expensive lifestyle would go a long way in reducing your debts and keeping your home. Sell off your surplus vehicles, discontinue club memberships, pack your lunches, cancel cable – do anything it takes.
There are a number of ways you may be scammed into parting with your house and other assets. Equity skimming is a major way people are being scammed of their property. Never transfer the deed of your property to anyone, without the advice and counsel of a foreclosure attorney. There are many lender scams where the lender party may claim to rescue you by refinancing your debt with lower mortgage payments. But the lender may present you with the balloon payment where you would have to pay the entire amount at the end of the term. If you are unable to pay, the lender can take over your home. You can also be conned by fake counseling agencies that will offer to do the necessary paperwork for refinancing, pre-foreclosure sale etc. Instead of helping you, they will charge you exorbitantly for nothing. Some fake lending companies will offer to refinance your loan, but make provisions in the agreement to transfer the title of the home to the company’s name for a small amount. Internet and phone scams are rampant whereby phony lenders extract confidential details of the debtor like bank details and social security number. The best way to avoid scams and avoid foreclosure is to consult the legal expertise of a foreclosure attorney. Clearwater residents can save themselves from fraud by immediately consulting a law firm.