What's in it for them is your money.
What they supposedly do is help you stop foreclosure on your home if you are behind on your mortgage payments and the bank is about to foreclose. But, beware. Some of them are scams. I'm sure there are legitimate ones out there but know who you are dealing with or you might just wind up losing your house to them instead of the mortgage company.
One of the common tactics is you sign the house over to them with a quit claim deed. It's a scam because you now have to take out loans to pay them off and you wind up owing money all over the place and lose the house anyway.
I've posted a couple of websites for you to take a look at.In the classifieds, I'm always seeing people who promise to help me save my home. What do they do, basically?
Usually one of 3 things,
refinance (which is great if you have the equity and the finance charges are lowered),
reverse mortagae (All I know about this is that they will pay you while your living in your home, To me, it sems like they are buying it from you, which eventually it would no longer be yours ).
Or it may be an investor .... and there are several ways they try to get your house. The main one is they buy it from you and then you rent to own it back.
Becareful! And if not sure , it is always good to seek an advice from a realestate lawyer that you can see face to face and rely back on them if something goes wrong (not someone who says here on line that they are a realestate lawyer)In the classifieds, I'm always seeing people who promise to help me save my home. What do they do, basically?
I'm sure there are reputable ones out there but I have not experienced any. The folks that really do help people who are in trouble relating to a foreclosure are these folks.
National Home Recovery Program for foreclosures http://www.nhrp.com/
Buena Suerte
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