It's a bit of a cliché to say it, but your home is truly your castle. It's where you realize your biggest triumphs, live through your most heartbreaking moments and, most importantly, it's the place that holds your family. So the prospect of losing it can be devastating to those who are facing foreclosure. Perhaps that vulnerability is why people are more likely to fall victim to foreclosure scams.
One woman had lived in her California home since 1966 when she started getting calls from a "law firm" promising to help her modify the mortgage on her home for a fee. The caller seemed to know everything about her financial situation and was friendly, so she trusted him. After she paid the fee, she never heard from him again. Then one day she arrived to discover foreclosure papers pinned to her door.
She feared she would lose the home where she'd raised her family, where she and her husband had spent most of their lives. Thankfully, through help from the local community and some outreach programs, she was able to save the home. She was lucky. In most cases, unsuspecting people fall prey to less-than-trustworthy people because of the promise to stop their home from being foreclosed upon.
There's an important lesson to be learned here. If you're a homeowner and your bank is threatening foreclosure, you may have recourse, but don't trust just anyone. A reputable attorney who's well-versed in foreclosure assistance may be able to help you save your home and get you a fresh financial start.
Source: sfgate.com, "Gift helps Pacifica woman keep home of nearly 50 years," Ann Killion, December 25, 2016