Addition to ABC News Storyline - Tips to Avoid Foreclosure Scams

Kyle Ransom, President of Ransom Enterprizes, LLC stresses that banks really do need help stopping foreclosures and that his company helps to fulfill this need by providing proper training to those who want to operate foreclosure consulting businesses. Ransom knows a little about working with banks and lending institutions. He has been a loan officer, mortgage broker, real estate developer and investor. Reporting that he has never seen the market conditions this bad and the foreclosure crisis is likely to get worst if there is not more outside help to assist banks with stopping foreclosures.

Ransom stated, "People really do want to save their homes and only need the right resources to help do so. However, there is a tremendous need to be able to identify scams from legitimate foreclosure consulting businesses."

According to Ransom the most common mistakes homeowners make is not following their gut feelings and selecting to retain a company that they were uncertain of in the beginning.

How to avoid foreclosure scams:

1. Do not sign over ownership of your property. Signing a Quit Claim Deed or Warranty Deed will transfer property ownership rights and no legitimate foreclosure consulting business would make this request.

2. Do not sign a real estate Purchase Sale Agreement. Signing any agreement or contract to sell a property means that ownership rights are to be transferred or sold.

3. Never grant Power of Attorney. Signing a Power of Attorney document will give permission to sign contracts to sell or transfer your property ownership rights.

4. Do not hire a representative that you are unsure of. Always follow your gut feeling and never retain a company to help stop foreclosure that you are not certain about.

5. Get referrals and references. It helps to hire a foreclosure consulting company with a successful track record and proper training.

Ransom continued that properly trained foreclosure consulting businesses understand how to evaluate homeowner's pre-foreclosure situations. Revealing that lenders closely evaluate financial assessments, hardships, income status, sustainability, etc. and most homeowners will require the same guidance that was needed when they secured the loan. However, oppose to mortgage consulting it is now foreclosure consulting.

To learn more about Ransom Enterprizes, LLC please contact them directly via their website http://www.ransomllc.com/foreclosuresforprofit.html .