Are you in foreclosure? Beware of the five sharks

I call them the five sharks.

They circle the waters looking for people who are in foreclosure. They offer you solutions you can implement without their help, or solutions that are expensive, or costly to your credit, or that make matters worse.

They include…

• Unscrupulous “I’ll buy your house for cash” investors.
• Ineffective real estate agents who offer to list your house.
• Mortgage brokers who probably can’t get you a better loan (or any loan) but who will distract you and take your eye off the ball.
• Bankruptcy lawyers who are too eager to file Chapter 13 for most people they talk to…even though that may not be the best solution. (Note that I suggest you consult with a lawyer and do not just do something because someone on a website said so!)
• Your existing mortgage lender knows a lot more than you do. Knowledge really is power, so you need to get up to speed.

And one more…are credit counselors who can damage your credit if you don’t know what you are doing.