Mortgage Rescue
It is always stressful to fall behind on bills, but if you own your house and owe a mortgage on it, then your mortgage payment is always the financial issue that looms the largest in your mind. People let all their other bills pile up before they will miss a payment on their mortgage. Perhaps you have been able to pay your mortgage only because you have defaulted on your credit card debt and medical bills; you will ignore the collection notices from collection agencies unless and until a creditor files a debt collection lawsuit against you. Of course, everyone’s financial situation is going from bad to worse, so there is no guarantee that you will be able to continue keeping up with your mortgage payments as you have been doing. Mortgage rescue programs, offered by mortgage lenders, enable you to restructure your mortgage to avoid foreclosure if you can no longer afford your current monthly payment. The bad news is that, for every genuine mortgage rescue opportunity, there are multiple fraudulent ones. If you are falling behind on your mortgage payments, do not fall for a mortgage rescue scam out of desperation. The better solution is to contact a Boca Raton foreclosure defense lawyer.
VA Ends Mortgage Rescue Program for Veterans
In April 2025, the Veterans Administration announced that it is terminating a mortgage rescue program that it launched last year. According to a news report on the NPR website, the Veterans Affairs Servicing Purchase Program will no longer accept new enrollees. More than 17,000 veterans are currently enrolled; the program has restructured their mortgages to make the monthly payments lower. NPR reports that, if the program had continued another year, it would probably have received 40,000 more applications, meaning that this many veterans are still at risk of defaulting on their home mortgages.
Beware of Mortgage Rescue Scams
Fraudsters play on people’s desperation, and there is plenty of desperation to go around in today’s economy. Genuine mortgage rescue programs are through the mortgage lender itself. Anything else that presents itself as a mortgage consultant, mortgage rescue service, or something similar is probably a scam. According to the Department of Justice website, some mortgage rescue scams target potential victims by pretending to represent organizations associated with particular religious or ethnic communities. They ask victims to pay a lower monthly payment to the so-called mortgage rescue service. Therefore, victims pay the scammers, believing that they have satisfied their mortgage payment obligations for that month. Meanwhile, the real mortgage lender does not receive payment for that month, meaning that the homeowner gets another step closer to foreclosure. It is often possible to negotiate your way out of foreclosure, but the way to do it is by talking directly to your mortgage lender or to a lawyer.
Work With a Debt Lawyer About Avoiding Mortgage Foreclosure
A South Florida debt lawyer can help you if you are in danger of falling behind on your mortgage payments. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.
Sources:
npr.org/2025/04/03/nx-s1-5351768/trumps-va-is-ending-a-rescue-program-thats-saved-17-000-military-veterans-homes
justice.gov/ust/consumer-information/bankruptcy-foreclosure-or-mortgage-rescue-scams
