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Home Sellers Beware!
Home Sellers Beware! In an odd twist to the old adage, "Buyer Beware", this real estate market adds additional problems to already burdened real estate sellers.The scenario - homeowner is behind on their mortgage payments, the house has just enough value to payoff the mortgage and the closing costs, if they get their price. The house sits on the market for months, stressing the homeowners even more.It is in this environment that the vultures come out. Sales agents desperate for a commission and sellers equally desperate to sell turn to the bottom feeders, who trot out schemes that appear to "sell" the property, but in reality do nothing more than shift title to the unscrupulous buyer, who pockets cash from rentals without paying the underlying mortgage.Experts will tell you that there are no new con games, just new twists. The scenario described above played out frequently in the 1980's at a time when banks and savings and loans institutions were failing on a daily basis. At this time, local institutions held most mortgages and collection actions were swifter and more concentrated. Foreclosure usually took place within 90 days of the fist default and rolling late payments were not allowed. More importantly, any deficiency on the foreclosure, that ... more

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