Many people are facing losing their homes. Be careful of individual or companies who offer to “assist” you with this financial situation. Consumer advocates have seen an increase in this activity with scammers.
You may see the advertisements on the internet, local newspapers, posters, flyers, on doors or by phone call.
They may offer to buy your home by paying the overdue amount on the loan. They ask you to move out and deed the property to third party. The homeowner is given choice to rent the property with option to buy it back later. Usually the rent ends up higher than homeowner can afford. They may choose to buy it back at a later time and the price is higher than you can afford. In many cases they never actually change the deed and the homeowner is still actually responsible and doesn’t realize it.
The Better Business Bureau gives the advice that you are at risk to lose money, equity, the house or all three.
If you are in arrears and are facing foreclosure here are some tips.
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