Don’t Get Scammed! Hire a Foreclosure Attorney in Schaumburg Illinois.
The Village of Schaumburg Illinois is no different than any other suburb of Illinois. Many residents are doing well financially, while some are struggling with debt and fearing foreclosure. When bills become too much and it feels like there isn’t enough money some begin to contemplate ways to stop foreclosure.
If someone contacts you with a solution to stop foreclosure that seems too good to be true, it probably is. Beware of these common scams:
- Straw buyer – When you are going to foreclose on your home you have the option of getting a straw buyer to help refinance your home and pay off old debts. The straw buyer is on the deed with you and will remain there for a few years until you can afford to refinance alone. They are paid a flat fee for their services.
What to watch for: Sometimes a straw buyer will pull all the equity out of the home and use it for their personal expenses. Doing so will make it impossible for the owner to be able to afford to refinance in the future.
- Loss Mitigation Companies – It is possible to stop foreclosure by reaching an agreement with your lender. Loan modifications have to be agreed upon but can include a fixed mortgage rate or the removal of late fees and charges. Some companies offer to provide a service of calling your mortgage company on your behalf to negotiate this type of agreement.
What to watch for: There are scam companies out there that will take your money and never call your lender. They will just take off with the money and you’ll never see them again.
- Leaseback – Leaseback happens when someone actually buys your home to save you from foreclosure and then leases it to you. You pay them to live there until you can afford to take on a loan for the home again.
What to watch for: Leasebacks can easily be cancelled if you are late on your payment or short. This immediately cancels the agreement that you get the house back after a set time. Additionally the new owner can take all the equity out of the home making it unaffordable for you.
If you are trying to stop foreclosure in Chicago reach out to a foreclosure attorney in Schaumburg Illinois today. Talking with a professional can help you understand you options and realize you are not alone.
Don’t live near Schaumburg? Suburban Legal Group PC conveniently has offices in the following locations:
- Chicago, IL
- Joliet, IL
- Warrenville, IL