Monday, September 22, 2008

Second Chance?

Do you know anyone with financial problems and whose home may be in, or approaching, foreclosure? Warn them about the mortgage rescue schemes. One attorney I know described the schemes as "That's where they steal your house and rent it back to you, then kick you out."

There is a lengthy article today at

Second Chance is the company spotlighted in the article. It operates in Illinois and right here in McHenry County.

Even if you think you cannot afford an attorney, do not sign anything from any of the mortgage rescue companies without consulting an attorney. Do not trust what you are told. Not even sure you can trust what you read, but you'll wish you had read and understood the contract, if you don't fully understand it before you sign.

Kind of like buying a car from certain dealerships. Do not sign anything with blank spaces "to be filled in later." Take the proposed Purchase Agreement or Sales Contract to your lawyer.

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