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On Behalf of | Aug 5, 2014 | Uncategorized

Michigan residents are likely aware of reports about companies who prowl on struggling homeowners with false promises to save them from foreclosure. The company may advertise its services nationwide on flyers offering to assist homeowners in lowering their mortgage payments and preventing foreclosure. It is reported that one company is facing two lawsuits in different states, and more claims are suspected to follow.

One man described his experience, saying that he responded to a flyer claiming to drop mortgage rate levels to as low as 2 percent. He said that, following the birth of their baby, his wife left her job and they were considering the possibility of lowering their mortgage payments. He allegedly had to pay the company $3,000, and in return, it would negotiate a lower rate with the bank. While negotiations were underway, the homeowner was to pay his mortgage payments to the so-called mortgage rescue group.

The man reported that he started suspecting foul play when he received a call from his lender inquiring about his failure to pay his mortgage. The bank reportedly said that the defendant had made no contact. While allegedly collecting his monthly mortgage payments, the company caused the homeowner to face possible foreclosure. The media report states that 20 families in New Mexico and five families in Ohio have taken legal action. Michigan homeowners may want to research any companies who offer such services.

For Michigan families that may have fallen into the trap of fraudulent offers to save their homes from foreclosure, they may find comfort in knowing that legal action can be taken. Homeowners may benefit from obtaining professional advice before taking action that may not be in their best interest. For those facing financial difficulty who are unable to find a way to lower their mortgage or other bill payments, researching the benefits of filing for bankruptcy may be the best solution.

Source:, “NM families condemn ‘deceptive’ mortgage rescuer“, Ryan Luby, July 29, 2014

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