Foreclosure Help, Getting a bad wrap

This past year has shown a staggering increase in Foreclosures and home troubles.  The dwindling economy matched with an over-inflated housing market, has caused some homeowners to be faced with possibly losing their homes.  Several factors come into play when homeowners find themselves in this situation.  Whether it is due to job loss, sickness, or an adjustable loan going up, it is easy for people to miss one mortgage payment and then find themselves becoming more and more behind and closer to a giant turning point in their home owning future.  As homeowners become more and more behind they end up digging themselves into a deeper and deeper hole.  What most home owners don’t know is that there is help available to those in need.  Banks have specific departments that are geared to helping people in need of assistance with their mortgage.

 

The main issue with seeking assistance on your own is that most people do not have the knowledge, perseverance, or simply the time to deal with their mortgage companies and the negotiation of their accounts.  This is where Foreclosure Help companies come into play.  Recently these companies have been given a bad wrap for some issues which could not be avoided.  These companies negotiate on behalf of the client to ensure that the client is available to avoid the foreclosure and get back to terms that they can afford.  Obviously there will be times when clients are un helpable.  Situations where the client is too near their foreclosure date or have some mitigation circumstances that are unavoidable.  All and all I believe that when they are needed Foreclosure Help companies truly can help those in need. 

A Hit to the Foreclosure Rescue Companies

Today the North Carolina attorney general has just filed lawsuits against three Charlotte based foreclosure rescue companies.  The attorney general alleges that the three companies charged high fees but were unable to save their customers homes.  It is believed that upon collecting the fees from their customers, these companies took no real actions to try to prevent their clients from going into foreclosure.  Customers are complaining to agencies such as the Better Business Bureau, which is what spurred the investigation into the industry and specifically these companies.  Headed by Roy Cooper, his goal is to send a message to similar companies that taking advantage of customers in their time of need will not go unseen or unnoticed. 

 

What is truly unfortunate is how this lawsuit will affect similar companies whose business practices truly help those in need.  Companies such as US Consumer Solutions, another Charlotte based company that provides assistance to homeowners in foreclosure situations.  The company provides help to customers based on the HOPE organizations guidelines which list the procedures needed to complete a successful loan modification or loss mitigation.  Within these guidelines, US Consumer Solutions is able to provide the type of guidance and information home owners need in order to avoid foreclosure and get back on track.  It is sad that if the attorney general pushes forward with his lawsuit, the image of legitimate, hard working companies will be tarnished and home owners for the worse.