If you are struggling to pay your mortgage in Columbia, you may feel like you have lost control of your finances, and you may be confused as to your current financial state. Unfortunately, there have been instances of scams taking advantage of people in this position. They target people who are desperate to improve their cash flow quickly.
It is important that you are aware of some of the most common types of foreclosure fraud so that you are able to watch out for them when improving your financial situation. You should also take the time to understand your legal rights so that you can stand up for yourself if you do become victim to foreclosure fraud.
Fraudulent advisory services
There have been many instances of fraudulent advisory services targeting those facing foreclosure. Typically they demand up front payments and promise advisory services that will work miracles. In reality, they take the money without providing the services they promised.
Mortgage-backed securities
When you take out a loan against a house with a bank, the bank that you lent from may have sold this loan to another bank along with the right to foreclosure. This means that complications may arise if you struggle to pay the mortgage. Understanding who has the right to foreclosure can get confused in the process.
You should make sure that you conduct thorough research into your possible options as soon as you have troubles paying your mortgage obligations on your home. Try speaking to your bank to get a clear understanding, and be cautious of seeking assistance from advisory firms that demand up front payments.
