Foreclosure Predators

The current foreclosure crisis strikes at the heart of the American economy, the homeowner. Homeowners across the nation are being forced to leave their most prized investments and face financial instability.

As if this was not shameful enough, many homeowners are being defrauded by so-called “Foreclosure Specialists.” In reality, these specialists are small businesses dedicated to preying upon unsuspecting homeowners facing foreclosure. Many of these businesses promise financial stability and the ability to save the homeowners home, but their main focus is to take as much money from the homeowner as possible and leave them still in foreclosure.

Thus, they are commonly referred to as “foreclosure predators.” These companies use emotional instability to guide their prospects into paying them egregious fees for little or no work on behalf of the homeowner. While the homeowners they promise to help are thrown out into the street, they are taking as much money from them as possible. This type of predatory business preys upon many unsuspecting homeowners every year.

Unfortunately, the businesses that do, in fact, help homeowners are becoming tied in with such predators. Not only do the predators hurt their own customers, but they also prevent other reputable companies from actually helping people. The following tips may be helpful in determining if a foreclosure consultation company.

First, a homeowner must be sure that the consultant is a member of the Better Business Bureau. If a consultant dodges this question, they are generally not a reputable company. Also, it will help the company is a Reliability Partner with the BBB. This designation is only given to the highest rated companies within the BBB. This verification shows that the business has never had any unresolved complaints against it. This is a very reliable way to determine the legitimacy of a business.

Also, a homeowner should ensure that the company is a member of Dun & Bradstreet. This financial institution provides valuable commercial information regarding some businesses. If a consultant is a member with D&B, they are most likely among the elite in their industry.

Lastly, do not be concerned with up front fees, but beware of guarantees. Most consultation firms must charge up front fees for the simple reason that once a home is saved, many times the homeowners do not feel the need to pay them. Guarantees, however, are not the mark of a good consultation firm. Reputable firms understand the work that it takes to save a home. Therefore, most do not guarantee anything because it is a risky business. When choosing a consultant, homeowners should choose a firm that conducts an interview to determine whether the homeowner will qualify.

Foreclosure predators will always be attempting to defraud homeowners during perilous times, but with close examination, a homeowner can severely reduce the chances of being caught in a “foreclosure scam.”

This article submitted by Jacob Cukjati
For more information see stopforeclosurecenter.com