Are the companies that advertise about stopping home foreclosures really worth looking into?

December 31, 2008 on 6:56 am | By advertising | In advertising |

I have seen many ads on the web stating that they can help with foreclosures. I have a friend facing foreclosure - and may soon be myself if things don't pick up - and she is considering replying to one of these ads

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5 Comments

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  1. under NO circumstances. IF you need help, get hold of me
    and I will tutor you for free

    Comment by kemperk — December 31, 2008 #

  2. The companies are of SOME help, but only if you do not feel to qualified to speak with your lender on your own. These companies cannot STOP a home foreclosure, but they can assist in negotiating with your lender for more favorable terms, loan extensions, etc. You can do the same by yourself for free.

    The decision whether or not to foreclose always remains with the lender (unless some law is enacted which might put a temporary moratorium on foreclosures)

    Comment by acermill — December 31, 2008 #

  3. You need to get to LAW. I can help but realize foreclosure is not a bad thing.

    Comment by subtle_flow — December 31, 2008 #

  4. You have to be VERY careful in dealing with companies that are making these offers. Especially on the internet. Most of these have turned out to be scams.

    Do NOT sign any papers turning your property over to anyone.

    Your friend should try contacting her lender's loss mitigation division. The lender may have another name for the department that she should contact.

    If you think you may soon be in the same situation, you may want to begin exploring your options now.

    You may have some local, reputable sources for help. A credit counseling company, a lawyer who handles bankruptcy cases. Legal aid? Look locally before you and your friend take on the internet to try and find relief.

    Good luck

    Comment by A D — December 31, 2008 #

  5. I am speaking from experience when I say this- talk to your lender first. Believe it or not they're not bad people. I had a renter gone bad and put me behind nearly two months. They were able to set up a repayment plan. It doesn't work for some but if you want to keep your home, its worth the hassle for a little while. I am in the process of modifying my mortgage– I refused to go through someone considering what they do I can pretty much do on my own.

    Call the bank first– they don't want your home!!! They'll help you.

    Comment by christine — December 31, 2008 #

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