Going through a financial crisis, particularly when there is a foreclosure involved, is a very stressful time for anyone. Often at this time, anything seems like a possible solution, which leaves people in Naperville vulnerable to scammers.
Unfortunately, by the time the unsuspecting individual or couple realize they are being scammed, they may have spent thousands of dollars they don’t have or provided sensitive information to criminals just out to get all they can. By working with experienced foreclosure defense lawyers, these types of scams can be avoided, and your personal information can be kept safe and secure.
To help protect yourself before retaining foreclosure defense lawyers, here are some descriptions of typical types of scams that people in foreclosure may see.
Fake Counselors
While credit counseling can be helpful or even required before bankruptcy and foreclosure, there are a lot of fraudulent agencies out there. These companies will be experts at convincing the homeowner that they can provide connections with the mortgage holder for a short sale or a repayment plan.
They will always ask for an upfront payment for their services and, in most cases, anything they do can for a lot of money, can be done by the homeowner at no cost.
Rental Property Scam
One that is particularly common and something that foreclosure defense lawyers hear about all the time is a scam known as equity skimming. In this scenario, a person approaches you as a buyer, get you to transfer the property deed and promises to pay you a lump sum when the property is sold. They also request that you stop all communication with the lender.
Then, they rent out the Naperville home, pocket the rent and leave you with the loan with no compensation as no effort was ever made to sell your home. Even with the property deed transferred you still owe on loan, which is devastating for anyone to have to go through.
To learn more about how foreclosure defense lawyers can help with your foreclosure, talk to the experts at Covert & Covert, LLP. Additional information can also be found at www.covertlegal.com.
