Beware Of Foreclosure Short Sale Scams
So you’re a couple of months behind on your mortgage payments, and you’ve been threatened with foreclosure. Perhaps your bank is pressuring you to cooperate with a “short sale.” They want you to sign a “deed in lieu of foreclosure,” where you sign a piece of paper to turn your house over to them, in return for a promise to keep the whole thing off your credit report.
Think again! Signing that paper will not make your problems go away — in fact, it may make things worse.
Don’t Lose Your Home – AND Your Good Credit
In today’s world, many folks are confused about what to do when facing a foreclosure. There are a lot of “opportunists” who claim to have an angle on how to get your money figured out. I have seen it all. The most common scam is telling you that a short sale of your home will save your credit.
Do you honestly think that the bank is NOT going to put your late payments on your credit report? No one tells you the truth — that your credit is already on the rocks and going down. Why? Because, they will tell you anything to get your money.
Photo by miusam-ck
Photo by miusam-ck
Don’t Trust “Foreclosure Saviors”
Be on the alert when a well-dressed shark tells you he is going to make your payments for you and save your credit if you just sign a deed in lieu of foreclosure. This is total BS. A rip-off. A scam.
Wake up, man! Do you think strangers walk around handing out money to people they don’t know? This is the real world, and everyone has an angle to get your hard-earned money.
Get It In Writing
The only way this short-sale strategy will work is if the lender agrees in writing:
- to delete your prior mortgage payment history from your credit report, and
space - that they will NOT proceed with the foreclosure action.
If you get this agreement in writing, you can avoid a “default judgment” and keep the whole thing out of public records.
But be alert, and do not accept personal assurances or promises over the telephone. People lie every day.
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