The Federal Deposit Insurance Corporation (FDIC) announced on Wednesday that it is releasing a free tool kit of information that will help borrowers, community stakeholders and the banking industry avoid unnecessary foreclosures and stop foreclosure "rescue" scams that promise false hope to consumers at risk of losing their homes.
The tool kit includes critical information to help borrowers know who to contact and what documents they need to have available to apply for a loan modification that could save their home from foreclosure. This tool kit also describes the warning signs of potential foreclosure "rescue" scams and how consumers, community stakeholders, and bankers can report scammers and prevent fraud. The public can access the free tool kit at http://www.FDIC.gov/foreclosureprevention.
Hi,
ReplyDeleteForeclosures are lenders action to recuperate their investments and or interest on a defaulted mortgage. On the brighter side, foreclosures bank owned can be turned into investments. A lot of us think that the reasons foreclosures occur is because of personal mismanagement. For the most part it is true. But there are other reasons and factors that may lead you to foreclose on your home mortgage. Knowing the other reasons why foreclosures occur can arm you with the most needed information in order to avoid it. Avoiding it can lead to better financial management and better financial outlook.
Foreclosure generally happens when the homeowner buys a property on a huge loan and cannot pay back the debt. But in recent times, there have many uncommon reasons for foreclosure and the behavior of the mortgage lenders who’ve been taking charge of the foreclosed properties. Such as, illegal occupancy of foreclosed properties, eviction of innocent tenants due to foreclosures, mysterious suicide due to foreclosure.
ReplyDelete