You’ve probably seen the incessant TV and Internet pitches—" We can stop your Foreclosure!"— offering hope to millions of homeowners who are behind on their mortgage payments or heading to foreclosure.
But a settlement in a law suit brought by the Federal Trade Commission send s a blunt warning to the fast-growing foreclosure fix-it industry: if you take consumers cash up-front and promise them you’ll save their homes, you’d better be able to deliver.
Otherwise you may be charged under federal law with running a scam operation that exploits the country’s mortgage delinquency mess for you private gain.
The FTC sued Clearwater, Fla-based Mortgage Foreclosure Solutions Inc., charging the company with operating a "scheme to sell purported mortgage foreclosure services to consumers" nationwide through six websites, but virtually never actually preventing foreclosures by lenders.
You can call me and I can send you the complete copy of this article or read it online at LAtimes.com. I have had many calls from different homeowners who are trying to seek help for many sorts of problems.
What I noticed the most is that these foreclosure/Loan Modification companies are even targeting homeowners who have Adjustable Rate Mortgage and are not even in any sorts of hardship. They are actually giving false hope for homeowners who think they can get rate reductions even if they are not behind on their payments or are not in any difficulties.
I am glad this is becoming clear to some homeowners that process might not be for everyone. I understand that we would like to take advantage of this situation but you always have to remember, when you signed your loan documents prior to you buying this house, or prior to you taking cash out from your property. You were aware of what you are getting into. You should know what type of loan you have chosen, you definitely took the risk when you took out an Adjustable Rate Mortgage with a low start rate in order to save on your payments.
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Call Ken Go of 1st Innovative Finance if you have any questions; remember no such thing as a stupid question. (562) 697–7028 or write to This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
( www.asianjournal.com )
( Published on February 11, 2009 in Asian Journal Los Angeles p. B3 )
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