I have been seeing this issue for a while and now some very important information is coming to light that I thought you may want to know.
Ever since the Loan Modification scams were uncovered in the last year or two crooks have been busy trying to find yet another way to defraud homeowners who are having trouble with paying their mortgage. They know that people are desperate to hang on to their homes are easy prey and will grasp at anything that even sounds plausible to save their most precious investment.
The new scam is 'Suing the Bank For Title". It capitalizes on the news we have been hearing lately of the paperwork issues with banks foreclosing on homeowners without doing the necessary paperwork first. An attorney (or maybe not) may be calling or sending very official looking information that they are going to go after the evil bank for making some clerical errors in your mortgage that will allow them to sue for clear title to your home. That means not just getting a modification or reduction in your mortgage, but owning your home outright with no more payments!
Sounds great doesn't it?
The only problem is that they need thousands, if not tens of thousands, of dollars up front to get the lawsuit going. They will tell you that they have a 100% track record of success (or something close) because the bank would rather just give up your home and lose a few hundred thousand dollars rather than fight a lawsuit that may cost them millions to defend. Makes sense again, right? It would if it were true. Banks don't just give a way home because of legal threats! If they did everyone would be filing lawsuits and owning their homes for free.The old adage still applies - "If it sounds too good to be true - it probably isn't!"
These companies are raking in millions and not getting people their homes for free. As a matter of fact, they are getting some of their "Clients" foreclosed because they tell them to stop paying their mortgage while the lawsuit is in progress. NOT SMART! Another scam is that the firm will tell homeowners that they will retain a partial ownership in the home as their fee only to ask for thousands for "Court Costs" after the homeowner signs the retainer.
Look, I'm not saying every attorney in this is a crook. Some legitimate lawsuits are in progress and may work out to the benefit of the homeowner ultimately. I'm just saying you need to do your homework if you are going to entertain this path. Lawsuits take years, not weeks or months, and, as with any lawsuit, YOU CAN LOSE! If you signed your loan voluntarily and it contains information about the term, interest rate and any possible adjustments, you probably cannot just walk away because it is hard to pay. Nobody can guarantee success in a civil lawsuit before it begins!
You may be better off trying to get a modification yourself (it's free that way). It's hit or miss but at least it won't cost you anything but your time. I can help with information on how to negotiate it if you want to give it a try. If that doesn't work and you can't maintain the payments you may want to just get out from under it and short sale. That usually costs you nothing and can save your credit from a foreclosure bomb. If you have any questions, I'm here to answer them with no obligations. Give me a call before you make a serious mistake you may regret for years to come.
I can be reached at (888) 835-4663 or email me at cliff@cliffhildreth.com
Be careful out there. Have a great day.
Check out my website for great home info: http://www.cliffhildreth.com
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