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There are two ways that Foreclosure Assistance companies get paid

  • You pay out of your pocket prior to starting anything. Most of the companies charge $1,500 to $10,000 to work on your foreclosure assistance. What they do not tell you is the national average success rate in short sales is less than 20%. So the odds are there that your home doesn’t get approved. That is the reason that the companies want to get paid in advance because they know the fact that the chances of closing the transaction are really few.
  • The companies get paid directly by the bank upon a successful closing. With this way of getting paid the company takes on all the risk of working on the file. A typical file takes 60 to 100 hours of work from a staff before it gets approved. They then would get paid by the bank if the transaction is successful. In many cases banks negotiate to lower the foreclosure assistance fee.

If you are a homeowner behind on payments then I would recommend you to find a Foreclosure Assistance company that:

  • Does not require you to pay money in advance.
  • Does not require you to pay money whatsoever. They will accept whatever the bank will pay as payment in full.
There is no reason for a homeowner behind on house payments to spend money to get help.