I awoke to the sound of my husband's alarm yesterday morning. The Ohio Attorney General was a special guest on a radio program, and he was talking about the increase of fraud being perpetrated on those who are facing foreclosure. He was specifically talking about companies that exist to scam people who are already in financial distress.
These companies advertise to those in preforeclosure and claim to be able to rescue them from their impending hardship. Such a company asks that the homeowners hand over the deed to their home so that they can rent their own home back from the company. The company claims that it will make the payments for the homeowner so they can stay in the home. What the company forgets to tell the homeowner is that they do not intend to make the payments on their behalf. They mearly pull out any remaining equity from the property, and collect the rent money until it is time for the bank to foreclose upon the property. Instead of being rescued from foreclosure, the homeowner is put on the fast track right toward it.
If you are facing foreclosure, please call your lender first to see if there is some type of loan modification that is available so that you can stay in your home. Everybody wins if you can remain in your home.
If that does not work out, there are a number of legitimate agencies out there for you to contact. These agencies can offer guidance and suggestions to help you remain in your home, or protect you from financial disaster. Find an agency near you at: http://www.hud.gov/offices/hsg/sfh/hcc/fc/
If any agency or company wants money up front for their services, or they ask you to turn over your deed to them, Ohio's Attorney General says that they are not legitimate. Do not pay anyone money up front to delay foreclosure or keep you out of it.
Speak with a real estate professional as early in the process as possible if you suspect that you will have to sell your home. You will need someone who is experienced in short-sales or in selling distressed properties. If you wait until the sherriff comes knocking, it will be too late.
Dawn Isenhower
Realtor
Coldwell Banker West Shell
Milford Office
office: 513-831-8001
cell: 513-236-1254
I am a Realtor who is committed to delivering great service to the east side of Cincinnati, and I am backed by a company that is #1 in the Greater Cincinnati Area.
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