Are you troubled by an impending foreclosure on your home? If yes, watch out for scam operators who are especially taking advantage of those who are facing home foreclosures. The US Department of Justice has issued a warning against companies or individuals who refers to themselves as “foreclosure service”,”foreclosure consultant” and other similar names.

These companies learn about your situation from foreclosure listings so it’s really easy for them to pick on who to ensnare. The stress and anxiety that you are experiencing can make you vulnerable and accept any help that is offered your way. These people may try to convince you with promises to better your situation and to prevent you from getting a record of foreclosure in your credit.

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Are you troubled by an impending foreclosure on your home? If yes, watch out for scam operators who are especially taking advantage of those who are facing home foreclosures.
The US Department of Justice has issued a warning against companies or individuals who refers to themselves as “foreclosure service”, “foreclosure consultant” and other similar names.

Not An Easy Exit

These companies learn about your situation from foreclosure listings so it’s really easy for them to pick on who to ensnare. The stress and anxiety that you are experiencing can make you vulnerable and accept any help that is offered your way. These people may try to convince you with promises to better your situation and to prevent you from getting a record of foreclosure in your credit.
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In October 17, 2005, President Bush has declared the new bankruptcy reform law officially takes effect. According to this law, the borrower in default can file for bankruptcy to stop all collection debts from his lender. The borrower is also required to take credit counseling from a non-profit credit counseling agency accredited by the government. Credit counseling must be done for 180 days before filing Chapter 7 or Chapter 13 of bankruptcy.

What effect does this new bankruptcy law have for those who are facing foreclosure? Because credit counseling agencies are more equipped to negotiate with credit card companies on behalf of creditors, this leaves mortgage foreclosure customers at risk. Why?
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Wikipedia.com defines foreclosure as the legal proceeding in which a bank or other secured creditor sells or repossesses “real property” due to the owner’s failure to comply with an agreement. This failure to comply has to do with the mortgage payments. Usually, the mortgage lender will issue a Notice of Foreclosure if the client fails at least three times to submit any payment.

Judicial Sale

What are the types of foreclosures? In the US, there are several types of home foreclosures. One of the most common types of foreclosure is called judicial sale. Most lenders prefer this method when foreclosing a home property. As the name suggests, the home property will be put on sale under the supervision of the State’s legal court. The court sees to it that all parties involved in this mortgage are consulted and are in agreement with the terms of sale. The proceeds of the property will be used to pay off amount of debt the borrower has defaulted and the rest will go to the lien holders and lastly, to the borrower.
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Facing foreclosure can be tough and those who are going through this phase are in their most weakest. Beware of people who are out to take advantage of your situation. Take a look at these types of foreclosure scams you should watch out for:

We’ll Protect Your Credit

Late fees are clearly reflected in your credit report. Some “foreclosure consultants” may offer you to protect your credit against a foreclosure record. You would be asked to sign over your property in their name so that the foreclosure will not be accounted to your name.
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