Even if you have received a foreclosure notice, you should not panic and reach for the first offer of foreclosure assistance. You need to learn how to recognize the tricks which foreclosure assistance crooks use to swindle those in your situation.

The Equity Skimming Scam

The stress of being in financial difficulty can very easily cloud you judgment, and this is especially true if you are confronted with the looming loss of your home. One of the scams perpetrated by fake foreclosure assistance companies is Equity Skimming.

In the Equity Skimming scam, an unsolicited offer is made to find a buyer for your home so that you can clear up your debt s, and the individual making it requires you to sign your home over so that you will no longer be facing foreclosure, with a promise that you will be paid some of the profit when they sell the home.

But once you have transferred title to your home, the scammer will simply rent it out for a while, pocketing the rent while the bank proceeds with foreclosure. You have lost your home, and will remain liable for the unpaid mortgage, because transferring the deed did nothing to transfer your mortgage obligation. You are out not only whatever you paid the scammers, but your home as well.

Fake Counseling Services

Then there are the fake foreclosure assistance counseling services. They tell you that for a minimal fee you will be able to have their experts negotiate with your mortgage holders to get the foreclosure assistance you need They promise to relive you of the burden of having to deal with your mortgagor on your own, saying that their expertise in such matters will enable then to get you the best possible deal.

But more often than not, the only methods of foreclosure assistance they are capable of offering are those you could practice on your own, at no cost. The best they can do, if they even do that much, is get you a short-term grace period of lower monthly payments while you look for alternative sources of money to pay off your mortgage default. For more info see http://www.myfinancialbliss.com/foreclosure/foreclosure-assistance-18 on foreclosure assistance.

Do not accept any offers of foreclosure assistance which are not spelled out in writing. And do not agree to any agreement without first having it reviewed by an attorney familiar with foreclosure. Finally, if you suspect you have been targeted by a foreclosure assistance scam, contact the Consumer Fraud Unit of your District Attorney’s office without delay.

Post from: Obama's ForeClosure Plan Website

Learning To Spot The Foreclosure Assistance Scams

John and Mary were an average couple. Both had jobs, a nice home, two cars, and were doing pretty well. However, John’s company was getting squeezed by the economy, so they laid him off, and at the same time the interest rates on their adjustable rate mortgage jumped, making their payment more than ever before in a time when they had less income than every before. Soon they were missing payments and facing foreclosure, frantically looking for foreclosure assistance solutions to help.

When you’re looking for foreclosure assistance solutions, there are several things to keep in mind. You want to make sure you choose the right solution for your needs, so here are several things to look for when searching for a foreclosure solution.

- Look for an Option That Will Help You Save Your Home – When you are weighing the various solutions available to you today, look for an option that will help you save your home if possible. This is not always possible, but the best choice.

- Make Sure You’re Not Getting Involved in a Scam – There are many scams out there, and when you’re trying to find the right foreclosure assistance solutions, keep your eyes open for scams.

- Don’t Pay for Help – There are many solutions out there and you shouldn’t have to pay for them. So, if they are asking for payment, this is not the right solution for you.

Solution #1 – Talk to Your Lender – Probably one of the best foreclosure assistance solutions to employ if you are facing foreclosure is to start out by talking to your lender. You need to let them know what the problem is. They don’t want to foreclose and can often offer you other great solutions to help.

Solution #2 – Loan Refinancing – Loan refinancing is another of the many foreclosure assistance solutions that is a great option for you. When you have an adjustable rate mortgage, this is definitely a top solution, since you can often save quite a bit in interest. This is a top way to avoid foreclosure but is not always an option.

Solution #3 – Forbearance – Forbearance on your loan can help you reduce your mortgage payments or even delay them for a time period without legal action. If you have dealt with a job loss or extreme financial problems, this is one of the top foreclosure assistance solutions to check into.

Solution #4 – Pre-Foreclosure Sales – If you are not interested in keeping your home and you’d rather make sure that you save your credit and avoid a foreclosure, pre-foreclosure sales can provide you with an excellent option.

Solution #5 – Repayment Plan – Some companies will offer special repayment plans that are great foreclosure assistance solutions. This is a very common method used and includes your lender allowing you to repay the past due amounts by adding part of it to your monthly payment each month so you can get caught up.

Solution #6 – Short Sale – A short sale is not one of the top foreclosure assistance solutions, and it means you’ll be giving up your home, but it is a good option as a last resort. It allows you to sell your home for less than the mortgage amount, but you’ll have to get your lender to agree to it.

Solution #7 – Deed in Lieu – Last of all, deed in lieu is another one of the many foreclosure assistance solutions available, but there are some big disadvantages. While it does help you to avoid foreclosure, it can still damage your credit.

These are just a few of the top foreclosure assistance solutions options that you have today. It’s important that you understand your options and how they work so you can make sure that you don’t get caught off guard by foreclosure. There is help for you if you are dealing with a possible foreclosure, so take the time to find out more about these solutions that are available to you.

Post from: Obama's ForeClosure Plan Website

The Top 7 Foreclosure Assistance Solutions Options