Types of Austin Foreclosure Rescue Scams

If you are a homeowner, who is behind on mortgage payments in Austin, chances are that you may come across foreclosure “consultants”, who try to convince you to sign over the title. Be watchful, for what may look like a lifejacket initially, may later be the very load that sinks you down. Capitalizing on your vulnerability these fraudulent brokers, shark your home asset at a lower market price and retain the power to eventually evacuate you forever away from your homes. In this article I’m going to highlight a variety of foreclosure rescue scams that Austin homeowners may be trapped into, in exchange for their home.

Equity skimming: Is most popular foreclosure scams in Austin. Equity Skimming is a scenario when the deceptive brokers promise to take forth the responsibility of pending mortgage payments, provided the Austin Homeowners sign over the house deed. As new legal title holders, the Broker will rent the residence for extra cash and continually fall behind on mortgage payments, so to later swindle off with the rented cash, down payments and deposits. The house being defaulted of its mortgage payments induces the lender to initiate Foreclosure.

Phantom help: This foreclosure scams disguises the “rescue” representative as the legal advocates who do their best to save your homes but for a payment fee. The outrageous fee charged towards placing phone calls, negotiating with the lender or documentation should be perceived hoax, for Austin homeowners can directly do these negotiations with the lender. To stop Austin Foreclosure, debtors should avoid all schemes that feel too good to be true. In worst cases, hire a Legal Professional Arbitrator. 

Troubled Homeowner can assist with your foreclosure needs.

The bailout: Also termed as “buy-back”. This foreclosure scam lures the Austin homeowners to sign over the title only to later buy back the property when they are financially sturdy. They have the option to stay in their homes as lessee (not as owners) provided they pay the rental charge. The trap of this scam falls in the ‘terms’ of the agreement, which makes it almost impossible for the homeowners to buy-back their house. The equity is lost to the fraudulent buyer and as a lessee, homeowners may later be asked to evacuate the house.

The bait-and-switch: Many Austin Home Owners, with hope of making their mortgage current surrender their ownership for new loans. Its necessary we stop scams of this type, for this rescue scam transfers the equity title when homeowners never had any such intentions to do so. Few naïve to the whole foreclosure scams in Austin, do not realize the racket until they are evicted.

Phony counseling agencies: Disguised to be “Counseling agencies’ this category of foreclosure scams involves organization help in negotiating your new payment plans, pre-foreclosure sale and other re-negotiation of mortgage terms with your lender. It is quite needless for Austin homeowners to pay service fees for to these agencies when the terms can be directly negotiated with their lender.

To Stop Austin Foreclosure, It’s significant that you agree to sign the Equity Title Contracts only when you have fully understood the legal consequences of your agreement. It’s better to get all verbal promises, legally written. It sure ensures that your rights as homeowners are protected and your equity title is legally retained.

If you would like to discuss your options you can contact Troubled Homeowner by completing our online form.

Sell Your House or Stay in Your Home
Complete our foreclosure form and Get Help Now!

A foreclosure specialist will contact you immediately.