Are the companies that advertise about stopping home foreclosures really worth looking into?

Archived in the category: foreclosures
Posted by admin on 25 Mar 09 - 4 Comments

I have seen many ads on the web stating that they can help with foreclosures. I have a friend facing foreclosure – and may soon be myself if things don't pick up – and she is considering replying to one of these ads

The companies are of SOME help, but only if you do not feel to qualified to speak with your lender on your own. These companies cannot STOP a home foreclosure, but they can assist in negotiating with your lender for more favorable terms, loan extensions, etc. You can do the same by yourself for free.

The decision whether or not to foreclose always remains with the lender (unless some law is enacted which might put a temporary moratorium on foreclosures)

4 comments for “Are the companies that advertise about stopping home foreclosures really worth looking into?”

1
kemperk

under NO circumstances. IF you need help, get hold of me
and I will tutor you for free
References :
RE broker

March 26th, 2009 at 3:01 am
2
acermill

The companies are of SOME help, but only if you do not feel to qualified to speak with your lender on your own. These companies cannot STOP a home foreclosure, but they can assist in negotiating with your lender for more favorable terms, loan extensions, etc. You can do the same by yourself for free.

The decision whether or not to foreclose always remains with the lender (unless some law is enacted which might put a temporary moratorium on foreclosures)
References :

March 26th, 2009 at 3:28 am
3
A D

You have to be VERY careful in dealing with companies that are making these offers. Especially on the internet. Most of these have turned out to be scams.

Do NOT sign any papers turning your property over to anyone.

Your friend should try contacting her lender's loss mitigation division. The lender may have another name for the department that she should contact.

If you think you may soon be in the same situation, you may want to begin exploring your options now.

You may have some local, reputable sources for help. A credit counseling company, a lawyer who handles bankruptcy cases. Legal aid? Look locally before you and your friend take on the internet to try and find relief.

Good luck
References :
TX REALTOR

March 26th, 2009 at 3:34 am
4
christine

I am speaking from experience when I say this- talk to your lender first. Believe it or not they're not bad people. I had a renter gone bad and put me behind nearly two months. They were able to set up a repayment plan. It doesn't work for some but if you want to keep your home, its worth the hassle for a little while. I am in the process of modifying my mortgage– I refused to go through someone considering what they do I can pretty much do on my own.

Call the bank first– they don't want your home!!! They'll help you.
References :

March 26th, 2009 at 4:13 am

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