A: When faced with foreclosure, a homeowner may want help in understanding the foreclosure process and various options. While some property owners may contact real estate agents or foreclosure attorneys for assistance, others may be attracted to mortgage foreclosure consultants. Unfortunately, many so-called foreclosure consultants are nothing but scam artists looking for easy profits. These scam artists have made it difficult for homeowners to distinguish them from legitimate foreclosure consultants or loss mitigation specialists.
Basically, a mortgage foreclosure consultant is any person who offers to help homeowners resolve foreclosure problems by stopping or postponing the foreclosure sale, obtaining a forbearance of mortgage obligations, helping the owner obtain a loan or an advance of funds, avoiding any impairment of the owner’s credit resulting from the foreclosure, or saving the home from foreclosure.
Legitimate foreclosure consultants can be found by contacting government agencies and nonprofit organizations. The article, “Best of the Legal Hotline: Finding Help for Homeowners,” in the May 2009 edition of Wisconsin Real Estate Magazine provides helpful resources. View the article online at wra.org/WREM/May09/HelpHomeowners. A wide range of services are available over the phone, in person and online, and the cost of services differs from one option to the next. There are many options at no cost.