Fort Lauderdale, FL (PRWEB) July 22, 2010
American Residential Law Group urges homeowners facing possible foreclosure action to be wary of numerous fraudulent home mortgage modification scams. These fraudulent programs can appear legitimate, but do nothing to benefit homeowners’ financial situations.
With the continued economic instability facing the nation, more homeowners than ever before are faced with the frightening prospect of foreclosure on their homes. One of the most beneficial ways to alleviate this onerous financial burden is to modify the home mortgage of these owners. However, not all modification programs are created equal. Some are, in fact, nothing more than scams, designed to crippled homeowners’ already-reduced financial health.
American Residential Law Group, a long-time advocate for homeowners’ rights, urges homeowners facing the prospect of foreclosure to thoroughly check any lender or organization offering home loan modifications.
Perhaps the most common scam that can trap unwary homeowners is the rent-to-own, or leaseback, option. In this scenario, homeowners are tricked into surrendering the title to their home, with the understanding that they will be able to buy the home back. However, this usually results in the total loss of ownership, and the continued debt of the original mortgage.
Another fraudulent home loan modification program consists of fake government modification offers. Often, these scammers go to great lengths to appear legitimate, even to the extent of building websites that look like government agency websites. American Residential Law Group urges homeowners to be very leery of any company offering such programs, and to obtain the advice of a legal expert prior to making any such agreement.
To learn more about home mortgage modifications and how American Residential Law Group can be of assistance to you, visit them at http://www.ARLGNow.com.
About American Residential Law Group: American Residential Law Group is a law firm that strives to provide the community with legal assistance and all the benefits to which consumers are entitled under the law. With a considerable background in all areas of consumer advocacy, American Residential Law Group remains dedicated to providing integrity and excellence for their clients, and increasing their quality of life.