- This topic has 0 replies, 1 voice, and was last updated 8 years, 5 months ago by Anonymous.
- November 1, 2011 at 2:01 pm #374227AnonymousInactive
It’s despicable what I am about to write about. Every homeowner should know and beware.
If you have listened to the radio, turned on the TV or read a newspaper in the past 9-months or so you are well aware of the credit crunch facing the lending community. Tens-of-thousands of homeowners are in loans they can’t afford and can’t refinance out of. Foreclosures are at an all-time high and show every indication of getting higher.
If you are one of these unfortunate people you are probably willing to do just about anything to save your home. This is why I’m issuing this warning.
Wouldn’t you know an entire cottage industry has popped into existence as result of this crisis? These companies contact you and offer to negotiate your debt with your lender. They claim a track record of success saving people from foreclosure. It all seems on the up-and-up. You pay them a fee…. And they’re gone.
FACT: The only entity you can negotiate with is your lender. They are the only ones who can help you. YOU DO HAVE OPTIONS. Speak to your lender’s “Work Out” or “Loss Mitigation” departments and see if there is a loan modification program available. Other options include a forbearance agreement or as last result a short sale.
If you have exhausted all options you may be able to seek relief through bankruptcy protection. Speak to an attorney to see if you are a candidate for this option.
The worst thing you can do is NOTHING. The problem isn’t going to go away. Get proactive and deal with it, and for God’s sake STAY AWAY FROM THESE MORTGAGE PRTECTION COMPANIES! They can do NOTHING for you.
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