What You Need to Know About Scam Foreclosure
Home foreclosure is one of the commonest Problems that folk face today. More often than not it originates from one missed payment which spirals out of control. Before you know it you have missed three or four payments and the mortgage lender or bank would like you to pay everything you owe all at once. This sounds like a very difficult feat and many are lead to understand that they have no other choice. When the homeowners realize that they have made a serious mistake they resort to anything they can to get out of a tight situation.
This is when the swindlers find their way into your mailbox or give you a call. Foreclosure scams are very common as much as the problem itself. Since homeowners believe that they have no choice they fall for these traps and make their situation much worse than it was. Scam operators also advertise online, publish advertisements in the local newspaper, distribute flyers, and call homes which are included on the foreclosure list. They call themselves mortgage consultants who offer foreclosure services or advertise with "We buy houses" slogans.
Most common scams:
Bankruptcy Foreclosure trick They operate by promising the householder that their place will be saved. In return they'll either ask for the homeowner to pay their mortgage directly to them, hand over their deed and pay rental, or obtain refinancing. They keep all the money and file bankruptcy without your knowledge. Since the householder isn't aware that bankruptcy has been filed, they fail to take part in the case. Except for loosing cash and your home, you'll also have a bankruptcy on your record. Equity skimming
Equity skimming The operator poses as a buyer. The operator promises the homeowner to pay the mortgage or given them a sum of money once the property has been sold. The operator then convinces the homeowner to sign over the deed and move out. The homeowner can stay but they have to pay rent. If they opt to move out the operator lets a third party rent the property. The operator does not pay the mortgage and lets the mortgage lender foreclose. If the house has equity, the operator sells the property and pays off the debt. Then the operator keeps the equity that the homeowner could have had if they sold it.
There are some great resources that can really help you however. Leaders in Financial Education (http://www.lifeav.org) is an organization that is an affiliate chapter of a non profit 501(c)3 that can help you. Take a look their website or fill out the contact form at http://www.free-foreclosure-stop.com and you will get some immediate free counseling to help guide you through some options.
This is when the swindlers find their way into your mailbox or give you a call. Foreclosure scams are very common as much as the problem itself. Since homeowners believe that they have no choice they fall for these traps and make their situation much worse than it was. Scam operators also advertise online, publish advertisements in the local newspaper, distribute flyers, and call homes which are included on the foreclosure list. They call themselves mortgage consultants who offer foreclosure services or advertise with "We buy houses" slogans.
Most common scams:
Bankruptcy Foreclosure trick They operate by promising the householder that their place will be saved. In return they'll either ask for the homeowner to pay their mortgage directly to them, hand over their deed and pay rental, or obtain refinancing. They keep all the money and file bankruptcy without your knowledge. Since the householder isn't aware that bankruptcy has been filed, they fail to take part in the case. Except for loosing cash and your home, you'll also have a bankruptcy on your record. Equity skimming
Equity skimming The operator poses as a buyer. The operator promises the homeowner to pay the mortgage or given them a sum of money once the property has been sold. The operator then convinces the homeowner to sign over the deed and move out. The homeowner can stay but they have to pay rent. If they opt to move out the operator lets a third party rent the property. The operator does not pay the mortgage and lets the mortgage lender foreclose. If the house has equity, the operator sells the property and pays off the debt. Then the operator keeps the equity that the homeowner could have had if they sold it.
There are some great resources that can really help you however. Leaders in Financial Education (http://www.lifeav.org) is an organization that is an affiliate chapter of a non profit 501(c)3 that can help you. Take a look their website or fill out the contact form at http://www.free-foreclosure-stop.com and you will get some immediate free counseling to help guide you through some options.
You like it? Share it!
posted by SolveItQuick at
1:26 PM
0 Comments:
Post a Comment
<< Home