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In need of mortgage relief? Don't trust just anyone

Even though the housing and job markets have recovered fairly well over the last several years, there are those in Wisconsin who are struggling to keep up with their mortgage payments. Are you one of the many Wisconsinites in need of some mortgage relief? If so, don't trust your financial future to just anyone.

It is a sad reality that there are individuals out there looking to take advantage of people who honestly need help. Debt relief scams are real, and if you are not careful, you could find yourself out thousands of dollars and without a home.

Types of scams

According to the Federal Trade Commission, there are about four different types of mortgage or debt relief scams constantly up and running. These are:

  • Phony counseling: Pay a fee to have someone negotiate with your bank.
  • Forensic audits: Pay a fee to have someone review your loan documents to see if your bank failed to comply with the law.
  • Rent-to-buy: Surrender the title of your home and then pay rent to stay with the hope of repurchasing down the road.
  • Bait and switch: Sign up for a new loan just to find out you surrendered your title.

The thought of losing your house may seem unbearable, so it is understandable that, in a moment of fear, all the false promises in the world may seem like the right answer to your predicament.

Are any debt relief firms legit?

When you are in need of financial assistance, it can be hard to go a day without seeing or hearing an ad online, in the mail, on the television or over the radio about debt relief now. How do you know which ones are legit? Here are some warning signs that will help you steer clear:

  • Loan modification guarantees
  • Stop foreclosure guarantees
  • Requests up-front fees
  • Tells you to stop paying your lender
  • Pressures you to sign documents

There are too many to list here, but you get the idea. If it doesn't sound right, it's not.

Get real help

The majority of debt relief firms make big promises and generally fail to deliver. Unfortunately, that is something that most people learn the hard way. There is help available, however. An experienced bankruptcy attorney can review your financial situation and may provide you real solutions.

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