Late Mortgage Payments and Mortgage Relief: Too Good To Be True

San Antonio homeowners with late mortgage payments may consider trying to lower their payments under a mortgage relief program.

A couple of months ago, many large banks were part of a settlement to assist struggling homeowners (those with late mortgage payements) with mortgage relief. You may have heard about it.  Companies that promise relief from late mortgage payments may try contacting you. But is this the right solution?

If your house is valued at less than its loan amount, many mortgage relief firms assume that the homeowner wants to renegotiate their loan with the bank.

Homeowners who are already behind on payments are often willing to listen to their offers because they may feel that they have no choice. They may even feel relieved that someone is reaching out to help them solve their problem.

Unfortunately, in many cases, mortgage relief programs are not the answer to your prayers. You should beware of scams if you are behind on payments and in a similar situation.

Texas banks are often reluctant to renegotiate a mortgage in many cases, and/or the homeowner doesn’t qualify for relief. Still, homeowners with late mortgage payments may be targets of “firms” that promise “aid” to lower your payments.

If a mortgage relief loan modification company were scamming you, how would you know? Are there are any tell tale signs to alert you to a potential scam? How do you know if the company is legitimate or if they are taking advantage of you?

If you are trying to save your home and think a mortgage relief program may help you rescue your home, here are some things to consider:

  • Fees: Most authentic mortgage relief services do not require fees up front. One indication of a scam would be someone calling or contacting you by mail and asking for a payment to “start proceedings” or some such verbiage. Sometimes a company will pose as a bona fide legal office in order to collect fees up front – even if they don’t have a lawyer on staff working in the state. Fees are not required by other services.
  • You can get all the information you need about mortgage relief from real estate professionals and online sources like HUD. Markette Properties  can refer you to a real estate lawyer we use ourselves and walk you through some of your many options besides the elusive mortgage refinancing program.
  • Credit Repair Promises: Don’t believe promises that sound too good to be true, especially if someone tells you he can repair your credit.
  • Qualification: Check the credentials of lawyers to make sure they are board certified. A quick Google search of your state’s bar association can verify the track record of a lawyer in question.

Mortgage relief scams have accounted for over $60 Million lost by unsuspecting homeowners in the last year alone. Homeowners who are behind on their payments should beware of unscrupulous groups with false claims of debt relief in San Antonio.

Above all, no matter how desperate you may feel regarding late mortgage payments, do not pay any fees until you talk to someone you trust: a lawyer or a real estate expert.

Please feel free to contact us at Markette Properties. We’re happy to sit down with you and talk over all your options.

We can buy your house fast in Texas! Markette Properties presents an unique, simple approach for selling your home! We are real estate investors. Yes we buy houses in Texas just like yours! And yes we are dedicated to the highest professional real estate standards for all of our clients.

Do you want to sell your house fast in Texas for top dollar with the least hassle? Give us a call! (210) 853-2788 or click the button below.

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Photo Credit Flickr CC: jianwei87

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