“Help people stay in their home by becoming a foreclosure specialist.”
I get spam like this virtually every single day. I delete it instantly, why? Well, most of them are scams. And my “belief” in the system was reaffirmed recently when Ohio Attorney General Nancy H. Rogers filed a lawsuit against Please Save My Home owner James Van Putten, according to the Columbus Dispatch.
This made it an even dozen for the number of lawsuits filed since August 2007 where companies claimed to offer mortgage-rescue services.
“And we are currently mediating other complaints against similar companies,” Manilath Southammavong, spokesperson with the attorney general’s office recently stated.
The problem with the majority of these companies? They don’t do anything for the person that needs it most — the home owner facing foreclosure.
Van Putten is accused of being paid $650 by homeowners to help them stave off foreclosure, and he did nothing for them. Why would home owners give him money, well his ads said he would save them.
“Regardless of your present mortgage or loan situation, we will assist you by arranging a repayment plan to bring your loan current.”
Nothing in there about stealing your money. But, then did you really expect it to? I apologize for the sarcastic tone, however sometimes you need to look before you leap.
So what could these people have done?
- Talk to a REALTOR? Umm, well, that depends. How does a real estate agent get paid? By selling your house. So if you are looking to do a short sale or get out of the house to move on with your life – then calling a real estate agent is not a bad idea. However if you REALLY want to stay in your home, then don’t call me. (This is why I delete those e-mails … I don’t think it is ethical for me to advise you when I have a vested interest in one concept.)
- Call Your Mortgage Servicer. YES! This is the first thing that any person struggling with their loan needs to do. If you are not 90-days late on your mortgage you may not get a lot of support from your bank. However, make those calls. Get them documented that you have talked with them regarding the situation.
- Contact Save the Dream. Save the Dream, an Ohio Department of Commerce organziation, provides great resources for home owners (and renters) that are facing foreclosure. Even includes a great link to local organizations that are assisting home owners.
- Be Smart. If you see a sign beside the road, does that mean the company is bad? Of course not. But CHECK THEM OUT. Talk to references, talk to past clients, talk to their success stories and their failures. If they don’t provide them or you feel skeptical — run, don’t walk, out the door.
There are a vast number of reasons that you are struggling to save your home. However, don’t allow predators to “steal” more of your money.
We all know they are trying.
Photograph used via license of Stock.xchng.
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