The Law Offices of James T. Marasco
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Providence: 401-421-7500 | Narragansett: 401-789-1800

How can I prevent foreclosure?

After working so hard to buy a home, the prospect of foreclosure is very troubling. There are steps you can take to prevent the process from occurring, however, provided that you take swift action. offers tips on avoiding foreclosure and how to safeguard yourself against common scams targeting homeowners. 

Running into trouble paying your mortgage is very demoralizing. Don't let feelings of embarrassment prevent you from contacting your lender, as in many cases they're more than willing to help homeowners who've encountered financial trouble. It's important to reach out before making monthly mortgage payments becomes impossible. Be prepared to discuss the reasons why you're no longer able to make timely payments, which might be loss of employment or unexpected medical issues. You may be able to devise an arrangement to help you through a tough financial period. 

You might also look into programs designed to help people in this situation. If you opt for such assistance, make sure you're cautious about who you choose to work with. Scam artists often target homeowners faced with foreclosure to capitalize on their desire to retain their homes. They also use certain tricks to lure in unsuspecting homeowners and being aware of these tricks will help you avoid scams. 

For example, a company may request that you send mortgage payments directly to them. In many cases, the company pockets the payments and offers no assistance, which leaves you even further behind on your mortgage. You might also be asked to pay a large upfront fee for assistance. Keep in mind that many types of foreclosure assistance are available for free. If you're provided documents to sign by a company, it's best to have them reviewed by an attorney to ensure they're in your best interest. 


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