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Advice on Keeping the Door Closed for Foreclosure Scams

  • Broadcast in Finance
Cornerstone CU League

Cornerstone CU League


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A staggering one in 84 homes nationwide has received a foreclosure filing in the first half of 2009, and according to at least one study, the delinquency rate has increased dramatically from this time last year, with 9.24 percent of all loans outstanding for the end of the second quarter of 2009. This increase in filings affects homeowners of all ages, from the Baby Boomers considering reverse mortgage relief to first-time homebuyers looking for stability in a volatile economy that saw the largest foreclosure crisis in 35 years during 2008. With rampant foreclosure postings comes propaganda schemes under the guise of providing a quick solution to the crisis, cautions Todd Mark, vice president of education for Consumer Credit Counseling Service (CCCS). Such schemes range from phony counseling to hollow “rescue loans” and even rent-to-buy schemes that promise “easy outs” and only lock victims into additional stress. Honest assistance is available for the consumer but mistaking a false hope for salvation could be the start of an avalanche of costly mistakes. TCUL president and CEO Dick Ensweiler speaks with Mark, for a fact-finding look at shutting the door on the growing number of foreclosure scammers operating and taking advantage of consumers in need of answers to their questions. Mark confirms that housing counseling at CCCS grew an astonishing 294 percent from 2007 to 2008 and the need for accurate information and steps to take when negotiating alternatives, seeking more affordable housing or recovering from one of the many engrained scamming operations that relieve consumers’ of their money, their housing and their confidence is more important than ever. The duo will discuss the warning signs of fraudulent foreclosure offers, as well as establish what listeners can do to recover their housing needs both through the advantageous services of CCCS and other tips to keep in mind when working with foreclosure prevention.