How to Identify Scams Leading to Wrongful Foreclosure

The real estate crisis especially housing has brought with it numerous scams and chief among them is wrongful foreclosure. This has led to many individuals finding their homes repossessed and thus suddenly rendered homeless without even the option of selling the home. Many such fraud cases are done by individuals posing as mortgage consultants and posing to be able to stop wrongful foreclosure or solve the debt crisis. Without proper information on the possible instances of wrongful foreclosure, many troubled homeowners unknowingly lose their homes. Having a foreclosure in your credit history greatly affects your credit rating and a wrongful foreclosure Georgia also denies you rightful ownership to your home.

There are several ways you can identify a scam leading to wrongful foreclosure and the following are tips to help you know whether you are working with the right person or not and if it is a fraud.

  • First, avoid any mortgage consultants that ask you to pay them directly the amount for them to settle with lenders. This is a risk as they could pocket the payments and leave you in an even worse position than before. It is thus essential that you check out the mortgage consultants you are working with.
  • When it comes to using online sources or checking out an agency, it is important not to be drawn just by the website. Most have websites designed just as federal approved agencies to convince clients and unsuspecting individuals that they are licensed and legal operatives.
  • Some scam artists will persuade you to transfer the title of the house to them in return for better financing and even the option of renting the house and later buying it back. However, getting in such an arrangement exposes you to the risk of losing the house and money. They do not have the intention of selling back the house and also place stringent demands. To get into such an arrangement, one has to have worked the background of the company and also use professional help like an attorney to know the various details of the agreement.
  • Opting to file for bankruptcy. This is usually an option advanced by some of the agents, while it may stall the foreclosure process eventually one has to meet the set payments or face foreclosure.
  • Another important aspect of wrongful foreclosure Georgia to be wary of is numerous legal arguments. While this area of law has certainly changed giving more leeway to the persons facing foreclosure, most people will fall for the idea that their debt can be canceled. This is not the true case and hiring such agents to work on your foreclosure will require you get professional help.

Wrongful foreclosure and fraud are emerging issues that have led to many losing their homes and money. You will need the help of an expert to get back your home or protect yourself from such an occurrence. For more information on how you can do this, get to foreclosure attorney of Schuyler Elliott in Georgia.

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