It’s no secret that 2020 was like Murphy’s Law – anything that could possibly go wrong, did. With the Coronavirus pandemic flipping the US economy on its head, millions of homeowners endured unprecedented financial struggles, especially when it came to paying their mortgages. With the passage of the CARES Act, there was a 60-day hold placed on foreclosures and up to a year’s forbearance on home mortgages.
As a result, over 2.7 million mortgage loans with a balance of $559 billion were in COVID-19 related forbearance. Unfortunately, some individuals saw an opportunity to take advantage of homeowners that were struggling financially with foreclosure rescue scams. However, legitimate help is available through your mortgage lender including secure extended forbearance and loan modification. And that is one of reasons to contact licensed experts like our company.
Red Flags To Watch Out For
Foreclosure rescue scammers use a number of approaches. However, many of them are similar. While there are no quick fixes for these types of financial difficulties, be suspicious of those who tell you that your problems can be fixed easily with their help. They often refer to themselves as representatives of foreclosure rescue companies. They find struggling homeowners by searching through the local newspaper, online, and through public foreclosure filings.
Furthermore, beware of individuals claiming to be auditors who want to perform a “foreclosure home loan review” or an “independent securitization review.” They often claim to be an attorney or part of a legal team. They may even tell you that they’re a former loan officer and can provide a loan modification that will solve all your problems. Additionally, if they ask for an upfront payment, this is another red flag. Once you pay their fee, you’ll never hear from them again and you’ll still be facing foreclosure. It would only drain you mentally and financially.
Many of them will tell you there’s no need to contact a credit counselor, lawyer, or your lender – another red flag. Their “offer” is usually accompanied with the promise that they will be negotiating for you. You should also watch out for the hard sell or a person that pressures you into signing their documents without giving you time to read them. Just remember that legitimate companies will not try to collect any fees until you’ve agreed to a relief offer that can only be provided by your lender.
Schedule an Appointment With Granite West Funding
Although it’s easier said than done in some cases, your best bet is to ignore these offers and hang upon them. To learn more about foreclosure rescue scams speak to an honest lender at Granite West Funding by calling (559) 540-2275 today. Call us to schedule an appointment with one of our experts.