Real estate fraud and investment scams are becoming more common within the real estate market. it is therefore important that you are vigilant about whom you engage for assistance when dealing with what is often the most valuable asset you have, namely your home.
As our business is focused on helping people through the foreclosure process and stopping foreclosures, we feel it necessary to address the issue of real estate fraud to further help those find the help they need from legitimate sources.
Foreclosure and Home Equity Fraud
We consistently deal with people who are in vulnerable positions looking for solutions to very stressful and complex foreclosure situations. Situations like these attract scam artists and real estate criminals whom take advantage of and manipulate homeowners for their own gain.
Foreclosure fraud most commonly occurs when a cash crunched property owner is offered a loan by a fraudster to cover expenses and consolidate loans in exchange for large upfront fees and an agreement to transfer the property title to the criminal. However, in contrast to legitimate consultants and debt consolidation programs, the fraudster will pocket all payments made by the homeowner and ignore the bills and taxes. The criminal will then proceed to re-mortgage the property and take off with the money leaving the former property owner without the home and still in debt with the lender.
What can you do to protect yourself?
Scams can be hard to identify thanks to the sophisticated marketing and aggressive sales tactics used to push victims into a financial trap. So how do you protect yourself from being a victim?
- Know who you are dealing with and ask questions. If there is something you are unsure of, have your consultant explain it to you in full.
- Read and review all documents thoroughly, and ask for items in writing.
Know exactly what any payments or fees are going towards. - Do not hesitate to contact a lawyer to review any documents that you feel may not be legitimate.
- Know that there is always a risk when leveraging properties, but a legitimate consultant, bank, broker or lender should be forthright when explaining the risks.
Working with ABFS Consulting to resolve your foreclosure
We understand your worries, and we want to help. Our entire business model and reputation is built around finding success in helping others, and we want you to feel assured that your concerns are addressed in a straightforward and honest way.
Contacting us for a consultation about your current situation is always free. This gives us a chance to get to know you and your situation, and let you know what options may be available to you. After an initial consultation, and should you wish to proceed, a Client Services Agreement will be sent to you. This document outlines how we will engage in business with you, the information required to conduct a full review of your situation, and how we will use this information to provide you with the strategies or services that may be used to resolve the impending or active foreclosure.
We review each client’s file carefully and perform extensive due diligence to ensure our clients are provided with honest and accurate advice based on the information provided and located on the client’s behalf, and as such, a nominal investment in us allows us to effectively resolve the situation at hand. Our service fee, which varies with the type of service provided, is used to cover the associated administrative costs related to accessing and processing documentation for your file, as well as arranging an appraisal of the property if required. At all times the client is in control of how we proceed, and the decision to proceed with a solution is fully documented and auditable at the client’s discretion.
If you require assistance with an impending foreclosure, or are behind in your mortgage, it is important that you are proactive and get the help and advice you need as soon as possible before it is too late; however, it is equally important that you are protected in the process. Contact us to schedule your free consultation from experienced real estate professionals who not only have your best interests in mind, but take the care needed to find you the right solution to your needs and long term goals.
