Yes it is sad to say but there are lots of people out there willing to victimize people in financial difficulty--especially when their troubles become part of public record. Beware of offers involving signing over your deed to someone else who promises to sell your home for you--whether they do or not, you'll still be responsible for the mortgage.
Also, investigate people who offer to buy your property so you can avoid foreclosure. They may be legitimate but, to be on the safe side, check them out by contacting your state Attorney General, the state Real Estate Commission, or the local District Attorney's consumer fraud unit.
Finally, consider carefully any "counseling agencies" that offer foreclosure-mitigation services for a fee. In many cases, they offer services you can perform yourself, such as negotiating a workout plan with your lender.
If you decide to conduct a pre-foreclosure sale, give us a call. We'll work with you to make sure your interests are protected in the transaction.
Keep in mind that if you have a loan ensured by the Federal Housing Administration (FHA), the Department of Housing and Urban Development (HUD) offers a toll-free number you can call to find a HUD-approved housing counseling agency: (800) 569-4287. For more information about foreclosures provided by HUD, go online to: www.HUD.gov/offices/hsg/sfh/econ/econ.cfm.
Foreclosure Fact The type of foreclosure procedure followed in a state depends on whether real property is purchased there using mortgages or deeds of trust. (Some states use both.) In general, states that use mortgages require a judicial procedure through which the lender must get court approval to initiate foreclosure. Where a deed of trust containing a "power of sale" clause is used to purchase property, the lender can initiate a foreclosure sale without going to court.
Again if you decide to conduct a pre-foreclosure sale or "Short Sale", give us a call. We'll work with you to make sure your interests are protected in the transaction.