Using a REALTOR® when Facing Foreclosure

 

If you are facing foreclosure, there are reputable resources available to assist you in making a decision that is right for you and your family.  Homeowners may want to seek the advice of a reputable housing professional, REALTOR®, financial or credit counselor, attorney, or other qualified professional.  With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene.  These so-called “foreclosure rescue companies” claim they will help save your home, but in reality are out to make a profit -- at your expense.  Don’t get caught in one of these scams.  Here are some of the red flags to watch out for:

 

• Asks for money upfront before providing any service
• Asks for mortgage payments to be made directly to his or her company or a bank account set up by that person, rather than your lender
• Promises to stop the foreclosure process, no matter the circumstance
• Advises you to transfer your property deed or title to his or her company
• Encourages you to lease your house and buy it back over time
• Asks for signatures on a grant deed or deed of trust
• Fails to provide copies of signed documents
• Refuses or fails to put an oral promise in writing

 

A Short Sale is an option that you may consider if you are facing foreclosure, not able to afford your mortgage payments, your bank refuses to help with a loan modification, or you have inherited a property that you can’t manage to maintain financially.  Working with a REALTOR® that is licensed by the Department of Real Estate is one way to know that you are working with a reputable professional when it is time to sell your property.