Falling behind on monthly mortgage payments has to be the #1 thing homeowners dread experiencing. No one intends to let this happen, but life is often unpredictable and throws us for a loop. Job loss, death, and illness are the primary reasons people experience financial strain. This in turn often leads to the monthly bills falling behind. Once you miss a few mortgage payments the bank sends a legal notice informing you your mortgage is in default, that you are in breach of contract, and they intend to start pre-foreclosure proceedings.

The above scenario is happening everyday in towns and cities across the nation. States with the highest foreclosure rates - California, Florida, Georgia, Colorado and Ohio- are reporting exceptionally high number of complaints.

Homeowners are left to scramble to find ways to stop foreclosure and save their home. Psychologically people are in a vulnerable state. It's in this frame of mind that they become very susceptible to scam artists.

The people running these scams are masters of deception and prey on people's desperation who is reaching out for the first lifeline they can grab. The scam artists know this and work very hard to identify homeowners recently in default so they can approach them first with their offer. Their philosophy is to hit the homeowner hard and fast where it hurts the most ... losing their home if they don't take action right away.

You do not have to be a victim to these predators, and you do owe it to yourself to do your own due diligence and find a reputable company that will intercede on your behalf.

Knowing what types of scams are being run is the first step to prevent being a victim. This understanding will allow you to ask screening questions that will help you to quickly determine whether you are speaking with someone who wants to suck every penny out of you and leave you hanging in the wind, or companies with a track record of helping homeowners stop foreclosure and keep their home.

A few of the foreclosure scams currently being used are listed below:

Pay us a fee, sign over your home to us and we'll save your credit.

They claim the foreclosure will then be recorded against them and not you. The fact of the matter is the foreclosure will go against the borrower on the note, the homeowner, and no one else. They take your fee, and you take it in the shorts.

Let us buy the property, lease it back to you, and you have the option to buy it back at a later date.

What is wrong with this scenario? To do this you are going to have to get a bigger loan at a higher rate than you had before. Subsequently you are going to have payments much higher than you did before your mortgage went into default. One way to use this to your advantage, since you have to have some equity in the home to make this work, is to consider selling the home on the open market.

We can make all these problems go away by getting you a new loan.

Scam artists like to use this one as it seems harmless enough until they manage to strip every bit of equity out of your home and leave you holding the bag, saddled with higher payments than you can afford and in worse condition than you were when you started. In and of itself this is a viable option as long you carefully consider the effects of a new loan on your new payment and the equity in the home. Carefully consider the total loan amount. Scam artists make money off the fees in the loan. Question everything.

File for bankruptcy to stop foreclosure.

If you hear these words come out of any person's mouth I suggest you run, don't walk, as fast and as far away as you can. YOU CANNOT PREVENT FORECLOSURE BY FILING FOR BANKRUPTCY. Allow that to burn into your brain. There are no exceptions. Bankruptcy simply puts a hold on the foreclosure to allow you time to reorganize your finances. Only unsecured credit may be eliminated by bankruptcy, and you have to prove extreme hardship and the inability to pay back the debt.

These are but a few of the scams currently in circulation. There are many variations of these being used. I cannot stress enough the need to educate yourself as much as possible before you decide which option you are going to use to stop home foreclosure. For more help the Housing And Urban Development (HUD) website offers the following help to avoid scam:

1. Don't sign any papers you don't fully understand.

2. Make sure you get all "promises" in writing.

3. Beware of any contract of sale or loan assumption where you are not formally released from liability for your mortgage debt.

4. Check with a lawyer or your mortgage company before entering into any deal involving your home.

5. If you're selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer by contacting the state's Attorney General, State Real Estate Commission or the local District Attorney.

Scam artists are not going to go away. Even when some are discovered and brought to justice others just take their place, and the worst part is the damage has already been done. Whomever you deal with, get some references. Certainly try to work with someone who is a reputable and can back it up. Do this whether dealing with a foreclosure prevention service, an investor or real estate agent. There are contenders and pretenders in every profession.

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