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BUYER BEWARE!

By
Real Estate Agent with Florida Luxury Realty SL2337465

     A man Marketed himself to a group of people at a church as a Loan Modification Expert who can STOP their Foreclosure woes.  Sounds Good so far right?  He must be really smart to be an Expert.  Right?

    NOT - He scammed one of the Church goers.  He told her to give him a Lump Some of money and he would work on her Loan Modification and Totally Stop Her Foreclosure Proceedings.  She handed over ALL of her savings and he disappeared.  He has not been seen or heard from since.  In the local news report they showed this very nice lady packing up the cupboards in her kitchen.  That was the killer for me. 

Caveat Emptor (let the buyer beware)

  • Research ANYONE who presents them self as an EXPERT!  for Real Estate Licensees visit - myfloridalicense.com  this site is the Department of Professional Regulations site and you can check on ANY LICENSED PROFESSIONAL IN FLORIDA.  Contractors, cosmetologists, Realtors, Appraisers etc.....
  • Loan Modifications Need to be done BEFORE COURT FORECLOSURE once legal action is initiated, you have little chance of getting the Lender to Modify or adjust your current Loan
  • DO NOT PAY ANYONE UPFRONT for a Loan Mod.  Legitimate Loan modifications DO NOT work that way.  Research your options.
  • Consult a Professional.  Call a Realtor or Mortgage broker in your area and ask for information about getting a loan Modification.  IF YOU GET ONE and it works, I'd love to hear about it. (call me)

In Florida and many other states you have Equity of Redemptionthis is your right to prevent foreclosure by paying principle and interest due along with any expenses the Mortgagee (BANK) has incurred in attempting to collect the debt and initiating foreclosures proceedings.   ENGLISH VERSION- pay what you owe plus any fees the bank paid to the court and others to settle the debt. 

Bottom LINE - Consult a Professional.....Do NOT Go This Alone!  You don't need to.  I wish eveyone facing these issues the very best for a quick resolution to their mortgage issues and a Happy and Healthy Future

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Dennis Herman
Crossroads Real Estate LLC - Howards Grove, WI
Dennis Herman

Great post.  I am finding less than 1% of people posting on this site are using it to help others. 

I have been trying to get real estate agents to spend a little bit of time to help people avoid foreclosures by providing vialbe links designed to get them the help they need.  Telling people they need to get help early is like telling a man he needs to learn how to fish to feed himself, turning and walking away.

Create a page on your web site designed to tell peole how to get help.  This is what we need to do to turn this market around.  The NAR won't do it.  The media sure as hell isn't going to do it.  And our elected officials haven't a clue.  Even when you give them an idea which works they will all reject it because they are all just like the banks.

Here is a link to HUD providing links by state to organizations receiving government funds to help home owners.

http://www.hud.gov/offices/hsg/sfh/hcc/fc/

 

To give you an idea, here is a link to my web page.  Copy anything you like from this page on how to avoid foreclosures and get loan modifications.  Use it as you see fit.

http://www.ez1realty.net/1039711.html

 

I've talked to some of these local organizations.  80% of the peole they work with have already lost money to a scam.  Search the Internet and see for yourself.  The first 300 hits are people out to make money off this problem.

Join the fight to end foreclosures.

 

Dec 11, 2009 01:53 AM
Barbie Burke
Respect Realty - Tempe, AZ

This is great advice.  Here in the Phoenix area where foreclosures are very high, we have had to educate, educate, educate our clients.  I am so sad when I hear that someone lost their money to a scam.  I know it still happens and our attorney general is after a lot of those people.

Dec 11, 2009 01:57 AM
Dennis Herman
Crossroads Real Estate LLC - Howards Grove, WI
Dennis Herman

The best thing we can do is get these people to the right agencies to help them.  I spent an hour on the phone last night with some one in this position.  Some times they also need some one to listen.  To tell them they are still normal.  I am not making a dime.  But life is more than money.

Dec 11, 2009 01:59 AM
Emcee M. Arah
Remax Excellence - Silver Spring, MD - Silver Spring, MD
Realtor w/Architectural Dimension, AHWD CRS B-Arch

The worse part is that the majority of the people who are scammed like this are senior citizens.  It truly breaks the heart to hear this happening to them or anyone, really.  And unfortunately, Michael, too many of them are not internet savvy so they don't see these warnings.  I agree with Dennis about providing them information but perhaps senior citizen centers and local churches are a better way to go to provide it.  What do you think?

Emcee

Dec 11, 2009 02:20 AM
Chris Fisher
Your Virtual Assistant - Concord, CA

It makes me sick that people will take advantage this way.  I have to believe most people are good, but when these things happen I get so angry!

Dec 11, 2009 04:21 AM
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

To All of You - I was...well....Pissed when I saw the news report this morning.  I went to the site and could not find a link to the article.  It was aired on 12-11-09 on Bay News 9. (www.baynews9.com)  The fact that this guy did it once means he will probably do it again.  I come in contact with people every day who need educationg in Real Estate.  It is our Responsibility to educate them properly and in English. (lol) 

Consumers Buyers/Sellers MUST contact an Industry Professional and then get a second opinion.  Any one of us would have known you dont pay for a Loan Mod up front.  Also, I have yet to hear of a Loan Mod being successful.  how about you??

Dennis - I posted it first to the consumers and then to members and my groups.  Post to the Consumers Guys.....Its all about Them!

Dec 11, 2009 05:55 AM
Troy Jowers
Pogo Realty, LLC - New Orleans, LA
New Orleans Realtor

Thanks for the post Michael. It's astounding what soulless people will do to others. I'm so sorry for the victim in your community. It must be devastating.

Dec 17, 2009 02:03 AM
Michael J. Gallo
Florida Luxury Realty - New Port Richey, FL
Florida Luxury Realty - Gulf Home Sales Team

Troy - It is Truley Sad what people are capable of.

Dec 18, 2009 03:56 AM