Receiving a notice of a mortgage foreclosure can be terrifying. The prospect of losing your home can cause many people to act in a hasty or impulsive manner. This impulsiveness can lead good people to put their faith in companies that promise you a lot, but exist only to take your money or your home. While it is important to act quickly stepping back and taking a reasoned approach to preventing the loss of your home can mean all the difference. Step one is to avoid foreclosure rescue scams.
If you do contact one of these online non-attorney agencies promising you rescue from your foreclosure there are some things to look out for that can tip you off to the fact that they are likely to take your money and leave you without much, if any help:
1. They ask you to pay a fee up front. A federal rule prevents non-attorney foreclosure rescue and prevention agencies from taking any money prior to obtaining an offer of relief that you accept.
2. They guarantee success or tout a very high success rate. In fact, they are required by law to tell you that your mortgage lender may not agree to modify your loan.
3. They advise you to make your mortgage payment directly to them. In many cases they just take the money and disappear.
4. They advise you to transfer the title or deed to the house to them, and will sell it back to you. They will likely just take payments from you and run, never having actually paid your lender anything. In the best case, the terms of the buyback provisions are difficult, if not impossible to live up to and they will ultimately take the house.
5. They advise you that they can find a buyer for your house, but only if you transfer the title or deed to them and move out. Sometimes these people will even “agree” to pay you a fee when the house sells. Really they will probably just rent the house out to somebody while they wait for the foreclosure process to wind its way through the court, pocketing the rent money
6. They tell you to stop talking to your lender. Companies that do this are trying to keep you from discovering that they are not communicating with your lender. You are always allowed to talk to your lender. Companies that tell you other otherwise are breaking the law.
7. They tell you that they are a law firm or have attorneys on staff, but are not located in your state. In some cases this is just not true. Even if it is true, doesn’t it make more sense to have an attorney located near you? Are they licensed to practice law in Indiana courts?
A mortgage foreclosure complaint starts a legal proceeding in court. Doesn’t it make sense to contact a local Indianapolis bankruptcy attorney that can provide information about the Indiana foreclosure process and your rights? Call Sawin, Shea & Des Jardines LLC at (317) 759-1483. They offer a free initial consultation and, as local Indiana attorneys, can offer you their advice on the pros and cons of different courses of action designed to help you keep your Indiana home.
About the Attorneys
Andrew Sawin received his Bachelor of Arts degree from Indiana University in 1989 and his Doctor of Jurisprudence from Indiana University School of Law – Indianapolis in 1995. He has concentrated his practice in the field of Consumer Bankruptcy for the past 15 years.
Richard Shea graduated from California State Polytechnic University, Pomona with a Bachelor of Science degree in Hotel & Restaurant Management in 1995 and received his Doctor of Jurisprudence from Indiana University School in 1998.
