You May be a Victim of Predatory Lending - 01/29/09 01:41 PM
Lenders and mortgage brokers over the last few years took a huge advantage over homeowners by offering unrealistic teaser rates and pay option loans. Many of these so-called ‘financing professionals’ never told their victims that fixed 30 year mortgages were available, and even cheaper, because the brokers received a higher commission on the more questionable loans. People who were better off taking a fixed rate loan were steered into less attractive loans as a result of broker greed and predatory lending.
Can you fight back against predatory lending?
Absolutely. Federal laws such as the Real Estate Settlement Procedures Act (“RESPA”) and … (1 comments)

Foreclosure Scams - 01/29/09 12:53 PM
The increase in foreclosures has resulted, predictably, in a surge in the number of scamsters pretending to want to help homeowners in need. Here are some of the scams to be aware of:
The Bailout: The homeowner is led to believe that by signing over title to the house he or she can remain as a renter and buy the house back over time. The terms of the buyback are impossible to meet and the homeowner loses possession. The scam artist ends up with the property. Equity Skimming: A "buyer" approaches you with an offer of help. He will pay off … (0 comments)

American Shame: Homeowners Forshaken - 01/26/09 11:09 AM
American Shame: Homeowners Forsaken
So here we are: several million homeowners across the country are living with the distinct prospect of losing their homes through foreclosure, thousands of them right here in Nevada where nearly one out of two homes is under water -- that is, the amount of the mortgage balance exceeds the fair market value of the home.
I'm peculiarly aware of borrowers in extremis because a portion of my firm's practice is committed to assisting, or attempting to assist, them in avoiding foreclosure.  Our experience is this: The hyped government sponsored homeowner assistance programs are impotent and the … (8 comments)

 

Garrett Sutton

Reno, NV

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