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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

A debt relief option that may be a scam in South Carolina

Homeowners that are seeking to have their mortgage debt reduced should beware of potential scams from phone solicitors. Homeowners in a nearby state have apparently been scammed by a company that promised a debt relief option to lower their mortgage based on the value of the home. South Carolina consumers may want to be alert to similar scams perpetrated in our state.

Complaints rolled into the Sunshine State's Attorney General's office in regards to a company that contacted homeowners, convincing them to sign over their deeds and pay thousands of dollars. One of the victims is a man that reportedly signed over the deed to his house and paid over $5,000 just to sign up. He was also required to pay $4,000 in closing costs. Everything seemed legitimate until his mortgage company contacted him in regards to non-payment.

Becoming concerned, the man went to the company's office after being contacted by his mortgage company. He was apparently informed that the business is now operating under a new name, and his file may have been misplaced. Another victim is a woman who was promised that her existing mortgage would be wiped out. She agreed to a mortgage with the company and paid $12,000 to sign up. The business was closed down by the Florida Attorney General's office, and a lawsuit has been filed.

Although it may sound tempting to give into promises to lower the amount of a mortgage, South Carolina homeowners should beware. Some companies offering a debt relief option make false promises and prey on vulnerable homeowners. Loan modification programs may help some homeowners alleviate their debt, and undoubtedly, the best approach is to first investigate all available options with a trusted professional.

Source: The Palm Beach Post, Homeowners detail land trust schemes, say they???re out thousands of dollars, Kim Miller, Aug. 16, 2013

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
Columbia Law Office Map

Reed Law Firm, P.A.
1807 West Evans Street,
Suite B

Florence, SC 29501

Phone: 843-679-0077
Fax: 843-679-0667
Florence Law Office Map

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