Before You Go Through Foreclosure, Know Your Rights!

At some point, homeowners realize that taking a second or third job still isn't enough to save their home. Even if it was, they'd have no time to enjoy that home. The threat of foreclosure is more than a threat - it's a reality that needs planning to avoid complete disaster.

Scam artists are circling like vultures to pick up properties cheap without any concern for the welfare of the homeowners. Many homeowners bought during the hot real estate market when homes were selling in a matter of days at top dollar.

Add to that the quick and easy deals in Adjustable Rate Mortgages (ARMs) and when the over-inflated values deflated, so did the equity. As a result, these homeowners faced with foreclosure know nothing about the options that they have.

They may be in debt, but they aren't without rights. Knowing those rights is key to not getting cheated by opportunists looking to make money by buying distressed properties cheaply.

Scam artists pressure the homeowners into making a quick decision. They insist that their deal is the best or only deal available and that's only on the table for the day. The foreclosure process is confusing enough and scam artists count on this confusion to get properties for a steal.

The scam artists tell homeowners not to talk with their bank or mortgage company, but that's bad advice. After the first notice of foreclosure, there may still be a way to renegotiate the terms or refinance even with small equity.