Foreclosure rescue

From Wikipedia, the free encyclopedia
This article is about legitimate foreclosure rescue. For unlawful foreclosure rescue, see Foreclosure rescue scheme.

Legitimate foreclosure rescue refers to funds received either through loan modification, funds received from a government grant that enable a homeowner to prevent foreclosure, or funds that allow the homeowner to purchase (repurchase) the property at or after foreclosure.

Legitimate foreclosure rescue is distinct from a foreclosure rescue scheme in that it is legal, and it gives the homeowner a realistic opportunity to regain his/her ability to get out of the hole and make regular timely payments.

Key signs of legitimate foreclosure rescue:[1]

  • No costs or fees until all services are rendered
    • Home is saved *and* principal is reduced or modified
  • No guarantee of saving home
  • Recommends continuing communication with lender
  • No false affiliation claims
    • Only HUD approved non-profits can claim government affiliation
  • Clear, written contracts

In 2009, President Barack Obama unveiled a plan to provide foreclosure rescue to homeowners. This included the ability to modify loans, lower interest rates, and to help homeowners before they defaulted.[2]

In California, Arizona, and Minnesota, HomeLiberty is a legitimate foreclosure rescue corporation. The HomeLiberty FastTrack to Freedom(tm) Program provides homeowners a chance to repurchase their property at or near current market value.[3]

See also

References

  1. ↑ "How to Spot SCAMS: 6 Things You Should Know". Loan Modification Scam Alert. NeighborWorks America®. Retrieved 28 Jan 2013. 
  2. ↑ Sweet, Lynn (February 18, 2009). "Obama mortgage foreclosure rescue plan will allow some struggling homeowners refinance options". Chicago Sun-Times (in English) (Washington). Retrieved 31 May 2011. 
  3. ↑ Detweiler, Gerri (August 14, 2012). "The New Solution to Getting Your Home Above Water". Credit.com. Retrieved 28 Jan 2013. 


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