Real Estate Blog - Home Owners Facing Foreclosure-Beware of Scam Artists!

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Home Owners Facing Foreclosure-Beware of Scam Artists!

little brown house Caveat Emptor!

I'm seeing more and more stories of home owners who are facing foreclosure, being preyed upon by scam artists. There are several different schemes being used, but all of them end with unsuspecting home owners losing their equity and their homes.

If you're a home owner facing foreclosure, beware of...

Ads that offer to give you cash up-front.
Offers to make your monthly mortgage payments while you continue you living in your house.
Claims that you can temporarily sign over your deed, and get your house back once you're back on your financial feet.
Signing anything that you don't completely understand.

debt If you're in need of this type of help and you see an ad that looks like a way out, be sure to have an attorney look over any paperwork before you sign it.

Unfortunately, many home owners have unknowingly signed away their houses to what appears to be a legitimate institution while these institutions have sold their homes out from under them. To make matters worse, the "stand-in" buyers who purchase the homes from these fraudulent organizations, refinance the house and take all the equity before the unsuspecting home owners even know there's a problem. The home owners don't find out they've lost everything until it's too late.

For more information on these scams, and ways to find help if you're a victim, follow these links...

Young Lawyer Takes Aim at Equity Strippers

Mortgage Foreclosure Scams Cost Owners Their Homes!

Warning from Attorney General about Equity Stripping

Foreclosure Fix Firm Sued!

One more caveat; Beware of refinancing your home because you need the cash from your equity. You may get a temporary fix, but you now have a higher monthly payment!

If you're looking for an honest mortgage broker, who will council and advise you with the straight truth, there are some here on Active Rain who would be willing to help. And to better educate yourself on mortgages in general read this post by Jeff Belonger: These Mortgage Gems and Foreclosure Tips-How To Avoid Foreclosure There are lots of links in his post! And read this post by David Doerr on Mortgage Fraud.

If you'd like assistance from a mortgage broker that I personally work with on a regular basis, click here Contact a Lender.

Smart Choice

Adams Cameron

Posted by Lisa Hill (Daytona Beach Real Estate) on 08/01/2007 11:58 PM

Comments (14)

scams, fraud, mortgage fraud, foreclosures, home owners, equity stripping, buy daytona beach real estate, lisa hill, adams cameron, buy, sell, realtor

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14 Comments on Home Owners Facing Foreclosure-Beware of Scam Artists!

Lisa... this is excellent.... especially the first few paragraphs. There have been so many articles on what to watch in regards to those that promise you the world in saving your house.... even something done by 60 minutes once, about 6 months ago. This is a great summary of what to watch for. Great job.... and thanks for that polite mention. right back at you..... and I gave this a 5.... and a flag

jeff belonger

08/02/2007 12:21 AM

by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages -- Mortgages (Infinity Home Mortgage Company, Inc)

I agree with Jeff 100%, thanks for your thoughts and for the link! I would hope that everyone would click through to my blog as well, and read the "Fraud Alert" given by the State of Utah, it is applicable not only in Utah, but everywhere in the nation.

08/02/2007 12:50 AM

by David Doerr (Primary Residential Mortgage)

Jeff and David- Thanks! I just hope someone will find this and get the help and answers they needs, without getting taken advantage of!

LisaHill

08/02/2007 01:54 AM

by Lisa Hill (Daytona Beach Real Estate) (Adams Cameron and Company)

Nothing like really sticking-it to someone when they are down. This is terrible, thanks for the post.

08/02/2007 07:26 AM

by Century 21 First Realty

Lisa - this is SO sad, I hate to hear about people taking advantage of others, it really saddens my heart! The almost unreal part is the number of lenders out of business since late 2006. We are up to 105!

08/02/2007 08:11 AM

by Tampa Real Estate | Florida Relocation | Land | LakeFront Home | Katrina Madewell (Charles Rutenberg Rlty- More than 3,500 agents(813) 235-9889)

Lisa-

When folks face difficult situations they look for any "safe harbor in a storm." Unfortunately, you are correct, there are people who take advantage of those in dire need. Unfortunate circumstances may have lead to the problem - hopefully an unfortunate and unwise decision will not exacerbate the problem! Excellent warning for all of us.

08/02/2007 10:40 AM

by Gary Waters - Real Estate Agent Viera Suntree (Century 21 Baytree Realty www.moving2brevard.com)

Joe- It is unfortunate that there are so many evil people out there.

Katrina- Is that number for your area? I didn't see what area it covered.

Gary- I know people are desperate and it's awful that people will take advantage of them, but there will always be evil people in the world. We have to be careful.

08/02/2007 11:05 AM

by Lisa Hill (Daytona Beach Real Estate) (Adams Cameron and Company)

Lisa - great post! Great info. I'd just sent you an email. I'd like to repost this on an outside blog. Just let me know.

08/02/2007 11:59 AM

by Mike Mueller (Mike Mueller, Inc.)

Mike- Help yourself. As you know, the more links we have back and forth, the better are SEO.

08/02/2007 12:01 PM

by Lisa Hill (Daytona Beach Real Estate) (Adams Cameron and Company)

Thanks, and done!

I put it up here: LINK

Once again great post !

08/02/2007 12:12 PM

by Mike Mueller (Mike Mueller, Inc.)

Thanks Mike

08/02/2007 12:59 PM

by Lisa Hill (Daytona Beach Real Estate) (Adams Cameron and Company)

Sad very sad but true. It is hard to conceive it.

08/03/2007 04:55 PM

by Arina Hanciulescu (ELITE REALTY)

Home Owners- Be careful of who you trust if you're facing foreclosure. Read this information, follow the links, and call me if you need advice!

Lisa

08/21/2007 01:37 AM

by Lisa Hill (Daytona Beach Real Estate) (Adams Cameron and Company)

Yup you got to watch out.

05/22/2008 02:35 AM

by Alex Greb ((portland oregon real estate ))

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