I recieved a memo today from the Real Estate Council of Alberta (RECA) which was syndicated to licensed REALTORS® noting concerns consumers who are facing foreclosure. If you are falling behind on mortgage payments, first thing to do is to talk with your bank. And if you have any doubts about the banks practices, contact another well known bank and discuss your situation with them. PLEASE do research! Banks understand that we are in tough times and will accomodate you as much as they possibly can. Rule of thumb: If it seems too true to be real, it usually is. Don't be left homeless!. If you are choosing to sell your property to avoid foreclosure, check out your REALTOR® before signing any contracts!
“Our concern is that consumers facing foreclosure will look for any help they can get,” says Charles Stevenson, Director of Professional Standards at RECA. “Fraudsters will promise to stop the foreclosure and keep you in your home. Unfortunately, instead of being rescued, fraudsters take your money, and you end up further in debt and possibly homeless."