Mortgage Rescuers – a mortgage rescue scheme can work in the following manner. Mortgage rescuers can promise to “save your home” by offering you a deal. The rescuer (or a third party investor) (1) buys your home from you for a small fraction of its actual value, (2) you stay in the home as a renter, (3) you have to buy back the home when you are financially on your feet.
Mortgage rescue consultants can include individuals or businesses, for a hefty fee, that promise to “buy you time” and possibly save your home by negotiating deals with your creditors. They can also offer to help you repair your credit and refinance your existing mortgage.
Consumer protections under the Mortgage Rescue Fraud Act include the following:
- A mortgage rescue must provide the homeowner with a written contract that clearly states that the home is being sold.
- Prior to sale, the rescuer must make a determination that the homeowner has the reasonable ability to make rental payments and buy the home back.
- A homeowner who remains in the home under a rental agreement has the right to cancel the rental agreement at any time.
- A mortgage rescuer must pay the homeowner at least eighty-two percent (82%) of the home’s fair market value if the rescue ultimately fails.
Mortgage Rescue Consultants
- Mortgage rescue consultants must give homeowners a written contract listing all the services that the consultant promises to perform.
- Homeowners have the right to cancel a consultant contract at any time.
- A consultant cannot accept any payment from the homeowner until all of the services have been performed.
For many people, their home is the most significant financial investment they will make during their lifetime. When you are on the brink of losing your home through a mortgage foreclosure, you need an attorney who will take swift and aggressive action to protect you. Even if you have not paid your mortgage in several months, there are often viable defenses that may protect you and may keep you in your home for months and sometimes years while litigation is pending. At the same time, our attorneys will utilize their experience to help you find the best long-term solution for your circumstances.
Depending on facts and circumstances, we can intervene on your behalf to defend you on foreclosure proceedings, take action any sale, attempt to reopen default judgments, etc.
There can be action taken in regard to extending the time in which you can sell your house. Counterclaims can be considered against the noteholder or other parties. You should be concerned regarding excessive fees that are combined into any deficiency judgments. We can attempt to negotiate a deed in lieu of foreclosure. We have had experience in renegotiating recapitalization of arrearages or forgiveness of certain add-ons in a mortgage modification agreement or forbearance agreement.
We have been involved in various legal matters in numerous counties throughout Illinois, including Bond County, Clay County, Clinton County, Effingham County, Fayette County, Franklin County, Green County, Hamilton County, Jackson County, Jefferson County, Jersey County, Johnson County, Macoupin County, Madison County, Marion County, Monroe County, Perry County, Randolph County, St. Clair County, Salem County, Union County, Washington County, Wayne County, White County, Williamson County, Edwards County and including cities such as Belleville, Edwardsville, Collinsville, Alton, Carlyle, Greenville, Vandalia, Bloomington, Springfield, Vienna, Pinckneyville, Nashville, Jerseyville, Carrollton, McLeansboro, Carmi, Marion and Carbondale.