The PennyMac Mortgage Blog is where you'll find unbiased, useful info to help save you money, time and peace of mind during the mortgage process. If you have a mortgage or are about to get one, we think you'll find info here you can't always get elsewhere.
You’re struggling with your mortgage payment and worried about a possible foreclosure. At your most vulnerable position, you are a target for a range of foreclosure scam artists. Promising to save your home and help pay your mortgage, crooks lure in desperate homeowners. Under the guise of support, these scammers somehow manage to cheat consumers out of their money and sometimes even their homes.
When you fall behind on your mortgage payments and cannot catch up, you risk allowing your home to fall into foreclosure. Foreclosure is a legal action the mortgage company must take to assume ownership of the property when the required loan payments are not made. Since this can seriously damage your credit, you should explore all other options.