Foreclosed Property: How to Avoid the Rescue Scams When in Foreclosure

Foreclosed Property: How to Avoid the Rescue Scams When in Foreclosure

Over the past years, foreclosure rescue scams have been at record highs. If you fall prey to this type of scam, you may break your bank or even lose your home trying to handle the situation. These fraudsters in the market are ready to take advantage of innocent people whenever they get an opportunity.

These scammers are like any other real estate agent or investor who makes promises with people facing foreclosure, about helping them save their home. For this reason, it is often difficult to identify these cons.

Being one of the leading cash home buyers in Roseville, we hear several horror stories of people in foreclosure where they get fooled by scammers and end up losing a lot of money. That’s why, after talking to foreclosure scam victims, we have listed a few tips and signs that will help other homeowners identify these fraudsters and protect their money and home.

One thing to make note of, it is crucial to understand that not all cash home buyers are the same. You might see various advertisements or websites with “we buy houses for cash in Roseville, but not all of them are genuine. Therefore, you should know how to identify reputed home buyers and scammers. To do so, you must research your potential real estate buyers, read their online reviews, look for experience and expertise, and ask for references.

Tips and signs that you might be dealing with less than honest real estate investors:

  • Fees for getting mortgage assistance

According to an old phrase, help comes without any cost. Well, this is quite true when it comes to getting mortgage assistance from your lender. So, if your foreclosure rescue provider charges you upfront fees for talking to your lender about the mortgage, then it’s a warning sign. And you can approach your lender anytime and seek assistance without spending a single penny.

  • Giving up ownership to save your house

It might sound bizarre to you, but many corrupt companies ask their customers to sign over the deed to the house to save their home. In simple words, it means giving up ownership of the house. You should never sign over the deed to your house, except if you’re selling your property to the investor or you’re dealing with your mortgage company.

  • Read all the clauses thoroughly before signing

Another common way that scammers take advantage of their customers is by cleverly taking over the ownership of their homes. In this case, they trap homeowners by offering them to pay off their mortgage and include some hidden clauses in the paperwork, which result in unknowingly giving up the rights to own their property. Therefore, to avoid falling into such traps, you must consult an expert for reviewing all the documents before signing.

  • Payment scam

The mortgage payment scam is one of the popular ways that fraudsters use to con you out of your money. For example, if your real estate investor asks you to pay mortgage payments to them so they can hand them over to the bank, you must be careful as you might step into a scam. Thus, it is advisable not to do anything like this until you get it in writing from your mortgage company.

The final word

If you’re in foreclosure and looking for the right solutions, get in touch with one of the leading foreclosure experts. Or at least hire reliable real estate cash buyers in Roseville who can assist in what to do next. Plus, they will also help you sell a Roseville home fast if you want, and they have strong contacts with mortgage companies. Thus, you can solve your problem within a few days without costing money.

Are you searching for experienced cash home buyers who deal in properties under conditions like foreclosure, mortgage, and more? Feel free to contact the professionals at Detroit Cash Home Buyers and get a free quote.