There's more bad news from the housing front just ahead of Barack Obama's inauguration. The number of American homeowners facing foreclosure in '08 was up 81% from '07. That translates to 2.3 million households. More than 860,000 properties were actually repossessed last year, more than double the year before.
Worse yet, predictions are the foreclosure rate will rise once again this year. Congressional Democrats and President-Elect Obama are planning to use $100 billion of the $350 billion bailout dollars left to help distressed homeowners. That is, if everyone can get on the same page about releasing the money.
While they're figuring out how to do that, there are those who will prey on people desperate to hold on to their homes. They call themselves "foreclosure rescue companies", and while some may be legit, there's no way to tell. Their common point is charging upfront fees to supposedly modify loans. In too many cases, however, they do nothing.
The business of foreclosure rescue is largely unregulated. That means they're free to charge upfront fees of anywhere from $1000 to $3000 dollars to help get lower mortgage rates for those who need them. In many situations, however they are little more than scam artists out to make a quick buck.
Some have Websites that suggest they have some connection to the federal government. Some say they're directly involved in implemented government rescue programs that haven't even been approved yet. These rip-offs will tell homeowners they've negotiated an agreement with their lender when they've done little or nothing, not even as much as making a phone call.
There are some things consumers should know. 21 states have laws prohibiting companies from collecting fees until services are completed. Find out if your state is one of them. Anyone thinking about using a rescue company should be wary of any company demanding an upfront payment, even if they tell you it can be paid in installments.
Check with the Better Business Bureau in your community to find out if there are any complaints against the company you may be thinking of using.
Also, check with the office of the Attorney General in your state. In some cases, you may find there are pending lawsuits based on previous alleged rip-offs.
Pay no attention to solicitations you get in the mail that look like they're coming from a government agency. Google the name of the company. You'd be surprised what you'll find. If in any doubt, don't give anyone promising to help you keep your home a dime. If they're legitimate, they won't be trying to give you a hard sell.
Preying on people's desperation is the lowest form of doing business. Don't let them prey on you. Have they tried already? Post your comment here if you know of a foreclosure story.
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23 comments:
I just really hope that our leaders can still make any adjustments and laws to help our fellow Americans and other businesses that are now facing the hardest part of their lives.
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