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Foreclosure Assistance: Who Can Help You --

And Who to Watch Out For

If you’re looking for foreclosure assistance, you need to know who you can trust to help you and who to watch out for.

Foreclosure Assistance – Loss Mitigation and Debt Restructuring Companies

If you’re going to go with a company that promises to save your house for a fee, you should check out their credentials. Some of the questions you should ask:

• Do they belong to the Better Business Bureau? (If so, check for complaints)
• What are the “typical outcomes” for clients?
• Will I have the same Foreclosure Assistant throughout the process?
• Do they offer a free consultation so you can see if you are comfortable with their services?
• Do they offer a guarantee?

Reputable foreclosure assistance companies recommend that you do not file bankruptcy. You should try to work with the bank to save your credit.

The foreclosure assistance company can do many things for you. For instance, they can work with the bank directly to arrange for a short sale or a Deed in Lieu of Foreclosure. Even if you’ve already talked to your lender and they’ve turned you down, a loss mitigation company has contact and resources to help you.

The foreclosure assistance company may also be able to help you save your house with arrangements such as loan modification and forbearance agreements.

Foreclosure Assistance – Individual Investors

If you are going to work with an individual investor on a short sale arrangement, make sure that the foreclosure assistance you get will actually come through.

Did you know that 95 percent of the houses that start the short sale process never go through with the sale? That’s often because of an inexperienced investor or one who did not have financing in place prior to the sale.

One way to get foreclosure assistance on a short sale is through an Institutional Investor who has both the financial resources to finance the property in house and also the savvy to negotiate with the bank.

Wherever you go to get your foreclosure assistance, the more you work with reputable people, the better your chances of saving your home and/or your credit.