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Avoid Swindlers Amid Rising Tax Foreclosure Properties

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By : John Cutts    99 or more times read
If you are planning to apply for loan modification or restructuring under the Obama administration’s program, be warned about persons or companies offering their services, promising to make the application process easier for you. As the number of lender and tax foreclosure properties increase across the country, the number of creative scammers and swindlers also increase.

These defrauders know that homeowners, especially families with young children, are very vulnerable to deceitful offers of help when they are behind on their payments and are facing the real possibility of being evicted. Some defrauders might even go as far as telling you that tax foreclosure properties are included in the program.

According to Florida Attorney General Bill McCollum, complaints from distressed homeowners victimized by defrauders, account for the highest percentage of the total complaints received by his office. It is possible that fraudulent loans offered to former owners of tax foreclosure properties are among these complaints. McCollum is advising troubled homeowners to contact their mortgage lenders or servicers before considering a third party for help.

In light of the expected swarming of mortgage lenders with applicants for loan modifications, you should expect to be ignored or redirected to other departments at the first call. You should be persistent so you would not have to turn to third party modification assistance. If you really need a third party because of some reasons, then contact nonprofits and community organizations that offer free assistance. This is also true for individuals with losses involving tax foreclosure properties. There are nonprofits that offer free counseling and free legal assistance for tax foreclosure properties.

There are signs that you can recognize if a person or a company offering foreclosure prevention help is a scammer. A company giving guarantees that your mortgage loan will be saved from becoming lender foreclosure or tax foreclosure properties is out to swindle you. With the restrictions of the Obama program and the opposition of the mortgage industry to some of the features of the program, no entity can guarantee a loan modification approval.

Another one is a business that uses logos, names and taglines associated with federal and state housing programs and agencies. This is a technique that aims to lead you to think that the business is certified or affiliated with a certain law firm or government agency.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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