Foreclosure Rescue Scams
The economic climate has given rise to a cottage industry known as “loan auditors” or “foreclosure rescue firms.” All essentially promise to stop a foreclosure. I want you to be aware of new Virginia law regulating these practices.
Typically, the foreclosure scammer will tell the homeowner that he can negotiate a deal with the lender to save the house, or evaluate the situation to look for loopholes, but the scam artist requires an upfront fee, and then often requires a more substantial fee when things “look promising.”
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Lytle Law is a general practice law firm located in Newport News, Virginia. From two office locations on the Virginia Peninsula we serve clients and try cases across the Commonwealth including the Peninsula, Newport News, Hampton, Williamsburg, James City and York County areas. Lytle Law has the experience and ability to satisfy nearly all of a client’s legal needs, and where we believe we need help we will either associate appropriate counsel or provide a referral. www.LytleLaw.com
Brian Lytle is the president of Lytle Title www.LytleTitle.com Lytle Title & Escrow, LLC a Virginia licensed, insured, and bonded real estate settlement company doing business as Lytle Title. With offices in Newport News and WIlliamsburg, Virginia, primarily serving the Virginia Peninsula (Hampton, Newport News, York County,Poquoson, James City County and Williamsburg), but we also regularly serve surrounding areas, to include New Kent, West Point, Suffolk, Isle of Wight, Gloucester and the greater Tidewater and Hampton Roads areas of Virginia.
Brian D. Lytle, Esq., Lytle Law, P.C. www.lytlelaw.com Reprinted with permission of the author.
The law may have changed since this article was written and published so caution is advised.
I have posted this article as a local REALTOR living and working in the Williamsburg Va area. I would be happy to assist you in buying or selling a home there. Click this link to search all real estate ,homes, condos town homes ,new and resale currently for sale in New Town/ James City County Williamsburg VA
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The Virginia law is not unlike a lot of them. What these people are preying on is the people without solution. Homeowners who bit off more than they can chew and can’t even afford payments on the principle on the loan. I have some great ideas on how to get these people out of these homes gracefully and ethically. We need to give them hope beyond snake oil and charm.