Foreclosures are a harsh reality of the housing sector in the US.
Sub-prime crisis, slowing economy and falling incomes have all led to number of foreclosures growing at an alarming place.
This increase also provides an easy opportunity to fraudulent agents to cheat distressed homeowners.
This article aims to educate home owners facing the prospect of a looming foreclosure and falling easing prey in the hands of fraudulent personnel and companies.
The most important advice is that do not shy away from the calls and mails of the lending institute.
On the contrary, it is better and in your interest to give the lender a true and fair picture of your financial crisis.
The chances are that the lending institute shall be able to restructure your loan.
Remember that the lending institute is absolutely aware of the economic crisis and would do every negotiation possible to avert the situation.
You just need to convince the lender that you are trying your level best to pay off to ensure their support and co-operation.
Most experts would suggest that the best way to avoid scams and frauds is to work directly with the lender to solve this crisis.
It is committing hara-kiri if you keep the lender in the dark.
It is equally important that you do not approach those numerous fraudulent companies who are willing to offer their services to vulnerable home owners.
They would make you fall into their trap.
Isn't it too obvious that you are better off paying to the lending institute rather than paying any amount of fee to such trouble makers? You must not entertain any body approaching you once you file the notice of default.
The first symptom of an impending danger is when a person knocks on the door and portrays himself like an angel ready to help you with your problem.
Best is not to entertain him and stop this business straight then and there.
You must not pay any heed and attention to the extent of service and reduced mortgage terms they have to offer, it is best to tell them that you can handle your problems on your own.
These fraudsters would definitely ask you to stay from the lending institute and this is one sure shot way of getting to know their real identity.
They may also ask to pay a reduced mortgage amount to them directly.
It is therefore essential to bang the face right on their door when they approach uninvited rather than becoming a victim of their false and misrepresented claims and assurances.
If you need to any kind of professional advice and assistance, you should knock the doors of HUD and ask them a list of their certified counselors.
Many of these counselors would provide you free counseling and anything and everything related to your foreclosure problems.
It would serve you a great deal if you take time to check the credentials and be aware about a host of trust worthy and credible organizations that can help you in your hour of crisis.