Pro Athlete Gives Back during Foreclosure Crisis

Earlier this summer, as our legislators wrangled with the magnitude of how the foreclosure crisis was affecting major financial institutions; I read that NBA star Shaquille O Neal was working on a “bailout” plan for the people. Apparently, O Neal and representatives from his real estate investment company met with Orlando city officials about partnering to help local residents save their homes from foreclosure and to develop affordable housing for those that had already lost their homes.
I have not heard anymore about the details, but I commend O’ Neal for trying to give back to the community. And while I would hope any effort the star would lend his name to would be beyond reproach, I still caution everyone out there to BEWARE of the many foreclosure scams that linger to catch the unsuspecting homeowner.
When we are drowning in debt and the weight of past due mortgage payments is weighing us down like a lead anchor, we tend to grasp at anything thrown out as a life preserver. However, it is vital that you do your research on any organization offering foreclosure relief. A couple of quick suggestions:
Check them out with the Better Business Bureau and your state’s Attorney General’s office (Consumer Affairs division).
Ask for a written copy of the Agreement or Terms of Service before you sign Power of Attorney, Mortgage Documents, Contracts, or Promissory Notes.
Avoid companies that ask for large up-front fees to assist you.
Do not give your banking info to these companies.
Consider contacting a reputable nonprofit housing counseling agency instead.