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Should I Use A Foreclosure Consultant? Why or Why Not?

by Thomas K.
(Denver, CO)

I was doing some search on the internet for 'Help Stopping Foreclosure". Some websites that came up were of foreclosure consultants and companies that help with foreclosure.

They seem to tout that they have skills of some sort to help me end my foreclosure (and mortgage) problems. What skills do these folks have and can they really help me? How much is too much to pay and expect a solution?

Fighting Foreclosures Team response:

Hi Thomas,

Thank you for writing. Let me first extend my sympathies for your situation.

As for your question - should you hire a foreclosure consultant?

There are a lot of us who have seen the advertisements on television about foreclosure consultants and some folks have even been cold called by some.

Too many times, homeowners are spending their money on these consultants, who really cannot give them anything that they could not get on their own.

Basically, it boils down to this: Your mortgage company, under no circumstance is required by law to provide homeowners with repayment plans, loan modifications, forbearance agreements, short sales or deed in lieu's.

They usually will try their best to work with homeowners in order to prevent a foreclosure. All you have to do is to make the phone call and talk to someone either in the loss mitigation department or the foreclosure department for details as to what, if anything, can be done.

Now, these foreclosure consultants like to tell desperate homeowners that for a "small fee", which can range anywhere from several hundred dollars to over a thousand dollars, they can work with your mortgage company to ensure that you able to save your home.

These 'consultants' tend to lead desperate homeowners to the assumption that they (foreclosure consultants) know some inside tricks or tactics that can give the struggling homeowner better results than if they simply called the mortgage company on their own.

If you are eligible for a repayment plan and you spend your $500 to have someone else make that phone call for you, you might not have the initial down payment required to stop the foreclosure!

Hope this helps you!

Best wishes,

Stopping Your Foreclosure Team

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