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Many states have enacted legislation to prosecute to the fullest extent of the law these Mortage Rescue Scam Companies. I believe what is so badly needed is a message of warning to these distressed homeowners. "If it sounds to good to be true...then it is probably a false claim of rescue." Homeowners need to be warned not to sign ANY documents for the rescue of their homes to ANYONE without qualified legal advisors reviewing the paperwork. Unfortunately, many homeonwers in distress are looking for the "magic" solution and these scam artists prey upon the distressed homeowner. Many local housing groups offer counseling to distressed homeowners and as real estate professionals speaking to distressed homwonerers, I believe it is our obligation to advise sellers to seek assistance from legitimate resources. Many sellers do not know that the first place they should turn is to their lender.
No matter what a broker charges for services provided to sellers & buyers, brokers & agents must be capable of explaining and understanding their value proposition. Consumers must see the value of the brokerage represenation in order to agree to pay whatever the fee may be for the expertise of the real estate professional. The Internet does offer information however, to think that the internet provides the SERVICES that buyers and sellers need to successfully complete transactions in today's marketplace, in my opinion, would be a huge error in judgement. I believe most sellers think the less they pay for services of brokerage, the more they net...most often, I don't believe that is an accurate assessment.
Very well written! This article is a fabulous piece that many real estate profssionals would find EXTREMEY useful to read. As an educator, I am concerned about the lack of knowledge that many agents have regarding the current real estate marketplace....no doubt about it, buyers need an agent that understands how to navigate, negotiate and have the ability educate their clients as do listing agents need to do the same for their clients and assist sellers in undertanding the options that may be available to them in a situation where a mortgage payment is "out of control"...also, extremely important, and not mentioned in the article, is an attorney who can offer legal expertise, and, when necessary, a tax consultant who can offer tax advise to their resepctive clients.