Things to Avoid When Selling Your Foreclosed Home

To avoid getting ripped off by prevalent foreclosure scams, we suggest you steer clear from the following offers and firms:

Agencies that claim to provide foreclosure services.

The US Department of Justice has issued warnings to consumers against individuals or start-up companies that claim to offer foreclosure consulting services. After all, these firms may encourage you to get involved in their illegal activities. For instance, some might provide you with simple solutions like assuming a new identity or employing another person’s Social Security Number just so you can have a fresh start. However, you should keep in mind that such solutions entail fraud, which can make matters even worse for you.

So, instead of relying on such services, it would still be wise to talk to a legitimate real estate broker, who can provide you the information you need should you decide to finally sell your home to settle your financial obligations.

Offers for refinancing deals from newly-established credit agencies.

Although refinancing can be the perfect solution to your credit woes, always remember that dealing with unscrupulous firms can, in fact, cause you more harm. After all, most of these firms may only be interested in gaining access to your personal, financial, and contact details. That way, they can use your identity for illegal purposes. Others may take advantage of your dire financial situation, and provide you with a credit program that imposes a steep rate of interest and excessive charges.

This is the reason why we encourage our readers to take the time to conduct personal investigation on the firms they intend to deal with. To find the best credit agencies, you should take a close look at their reputation among consumers and finance experts, their history or background, as well as their accreditation with the federal, state or local government. Keep in mind that by considering these factors very well, you will most likely end up striking a refinancing deal with a firm that will not just provide you with what you need but one that will also honor your rights as a credit consumer.

Credit agencies that guarantee the elimination of your foreclosure record from your annual report.

There are also companies today that offer credit repair services which involve the eradication of your public record information, such as bankruptcy, tax liens, and even foreclosure from your credit files. But should you take advantage of the service they’re offering?

Not at all! In fact, we advise you to reject their offers right there and then. Keep in mind that only the credit reporting agencies can remove such records from your annual credit report. And they can only do so, once the seven-to-ten-year-statute-of-limitation imposed on your public record information expires. This means that the offers you received from such firms are actually bogus promises that they cannot really live up to.

So, be very careful about the offers you will receive from interested parties who wish to strike unusual deals with you. Instead, resolve to deal ONLY with legitimate and credible firms which can provide you with legal and reasonable support, while going through your difficult financial situation. 

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 23+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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      NHBS Inc © 2022

      NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

      Privacy Policy Terms of Use

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