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Stopping Foreclosure – Tactics that Don’t Work

When your home is on the line, you're likely to pursue any course of action that promises favorable results. Unfortunately, most companies that promise to stop foreclosure actions against you do not deliver. More often than not, these agencies enrich themselves at the expense of the troubled homeowner. To keep yourself clear of even greater debt, Atlanta DebtStoppers offers this "heads up" advice to anyone contemplating a mortgage relief scheme.

Mortgage modification middlemen

The thousands of homeowners trying to avoid Georgia mortgage foreclosure have created an opportunity for predators offering to help get mortgages modified — for a fee. These companies offer no guarantee, but accept upfront payments totaling as much as $4,000 to negotiate a modification with your lender. The usual outcome is the same you would have gotten by going to your lender directly — you don’t get the mortgage modification. But thanks to the middleman, you’re also out $4,000.

The so-called “foreclosure rescue” scheme

This scheme, too, preys on a homeowner’s fear of losing the family home. These companies strip the what equity you have remaining in your home and then gets a third party to swoop in and buy your home before you can stop the process. Hundreds of Atlanta homeowners have fallen prey to this scam. So before you resort to desperate tactics to stop foreclosure, remember that only a bankruptcy plan can stop foreclosure.

Debt settlement companies

Before most homeowners find themselves in foreclosure, they’ve already exhausted every means at their disposal to stay current with the mortgage — including credit cards and lines of credit. The debt settlement company will promise to get the creditor to forgive most of your credit card debt. In reality, they’re successful less than 20% of the time, but while they “work” on your case, interest and penalties on your debt continues to mount, leaving you with a much bigger problem than you had before.

Get reliable assistance in stopping foreclosure from Atlanta DebtStoppers

You don’t have to lose your home to foreclosure. Fill out our online form and find out how a bankruptcy attorney from DebtStoppers can help you with a legal plan to save your home and put you on the road to a brighter financial future. Call our Atlanta office at 404-796-7161 or contact us online to schedule a free one-on-one debt consultation.