When you are concerned about losing your home to foreclosure, you will likely find yourself feeling stressed and desperate to find a way to stop foreclosure from happening. Keeping up with a mortgage in difficult times can be seemingly impossible. However, as a homeowner it is important that you stick to legitimate strategies of getting out of your situation.
If you are struggling financially and as a result have not been able to pay your mortgage, the first thing that you should do is speak to your bank. By doing this, you can let the bank know why you have not paid your mortgage, and you may even be able to request a reduction in repayments.
Unfortunately, many people in difficult financial situations become victim to scams in relation to being saved from foreclosure. It is important to be aware of these as you face foreclosure.
Sale and leaseback scams
It is very common for scammers to pretend to offer help to a person facing foreclosure. They often offer to buy the home from the homeowner and give them the opportunity to buy back the home in repayments. The reality is that these scammers are often successful in gaining the title to the home, and make it near impossible for the former homeowner to buy it back.
There are many other scams that people facing foreclosure can become victim to. If you are facing foreclosure in the state of South Carolina, it is important that you are proactive in communication with your creditor. An attorney can also help you determine if an offer is a scam or a legitimate way of keeping your home.