Temecula Valley Homeowners Facing Foreclosure -- Beware of Foreclosure Relief Scams
Distressed Homeowners Beware...Here is an Excellent post by Pamela Seley of Temecula Valley California Homes. "Temecula Valley Homeowners Facing Foreclosure -- Beware of Foreclosure Relief Scams." Please stop by and leave a comment on Pamela's original post
Temecula Valley Homeowners Facing Foreclosure -- Beware of Foreclosure Relief Scams
When a Temecula Valley homeowner has defaulted on their mortgage—meaning they have missed at least three payments--their servicer will file a Notice of Default with Riverside County, which becomes public record. A homeowner in default of their mortgage often receives numerous solicitations from those claiming to help them in their time of need.
Some red flags that indicate an individual or company may be trying to take advantage of a Temecula Valley homeowner’s situation:
- Asking for upfront fees to save your home from foreclosure – It is illegal in California for anyone to take advance fees from a homeowner for loan modification services, except for licensed attorneys.
- Outrageous claims that an individual or company can get the title to your home “free and clear”, or dissolve your mortgage, for a fee, of course. After the fee is collected, nothing is done, and you are out the money you paid them and lose your home to foreclosure.
- Mass joinder lawsuits – The individual or company claims you will be added to a class action lawsuit with others against your lender, for a fee, of course. After the fee is collected, nothing will be done, and you won’t hear from the company again. California Department of Real Estate warns about this scam.
- An investor claiming they can make a deal with your lender to payoff your mortgage so you can stay in your home, for a fee, of course. After the fee is collected, your home goes to foreclosure.
- Flopping –An individual or company claims they will bargain with your lender for a short sale and then sell or rent back to you. This is considered mortgage fraud, especially if you, the homeowner, must sign an arm’s length affidavit as a condition of your short sale.
- MERS Debacle -- Claims by an individual or company that because your mortgage is part of the MERS system (80% of all mortgages in the U.S. are part of MERS), and your lender or servicer is illegally and unlawfully foreclosing on your home. There have been several court decisions that uphold MERS.
Foreclosure Truth, a blog on Foreclosureradar.com explains why MERS can foreclose on California homeowners.
In tough economic times, there are those who are unscrupulous enough to take advantage of others. Don’t be a victim of a foreclosure relief scam. Do your homework-- be informed before paying anyone any fee for foreclosure relief help.
Pamela Seley, REALTOR®
Short Sale Resource | CA DRE lic # 01824145
www.searchtemeculavalleyhomes.com | Dir 951.491.4063 |Serving Southwest Riverside County California| Temecula, Murrieta, Menifee, Winchester, Lake Elsinore, Canyon Lake, Corona, Wildomar | Temecula short sale agent
Find out what your home is worth, or sign up to search homes in your neighborhood.What is an Arm's Length Affidavit?
What is a Third-Party Authorization Letter?
Is Your Real Estate Agent Licensed in the State of California?
Pamela Seley, REALTOR® has helped homeowners in SW Riverside and San Bernardino Counties, California, by negotiating short payoffs with the following lenders and servicers:Bank of America * Chase * CitiMortgage * EMC Mortgage * GMAC * HSBC * Indymac (now known as, One West Bank) * Midland Mortgage * SLS Specialized Lending Servicing, LLC * Wachovia Mortgage * Wells Fargo * World Savings Bank
All information deemed reliable, but not guaranteed. Copyright © 2009-2011 by Pamela Seley, REALTOR® | CA DRE Lic # 01824145
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