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Temecula Valley Homeowners Facing Foreclosure -- Beware of Foreclosure Relief Scams

Reblogger
Real Estate Broker/Owner with Living Albuquerque 16784

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

Original content by Pamela Seley BRE #01824145

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.
STOP
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.

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What is an Arm's Length Affidavit?

What is a Third-Party Authorization Letter?

What's a Short Sale Package?

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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C. Lloyd McKenzie, MBA

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Phone: (505)750-8552
Email:Lloyd@LivingAlbuquerque.com

Areas Served: Albuquerque Metro/ Algodones/ Bernalillo/ Cedar Crest/ Corrales/ Edgewood/ Los Lunas/ Los Ranchos de Albuquerque/ Placitas/ Rio Rancho/ Sandia Park/ Tijeras

Comments (5)

Doug Bullwinkel
E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA
Mortgage Loan Officer NMLS #281609

Wherever there is trouble, there are crooks working a new scam in the area.  We all have to be on the lookout for them.

Jan 11, 2012 04:48 PM
James Lyon
LyonSF - San Francisco, CA
916-521-1214

Great re-blog, you can never be to careful now-a-days.

Jan 11, 2012 05:07 PM
Florida Tolbert Team Keller Williams Advantage
Keller Williams Advantage III Realty in Lake Nona - Orlando, FL
Keller Williams Land Luxury Division Specialist

Don't you hate it when the scum are just hiding in the shadows just waiting for unsuspecting victims.

Jan 12, 2012 03:32 PM
Joshua Zargari
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop

Good evening C. Lloyd.

A great post indeed.

 

Jan 14, 2012 10:07 AM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

C Lloyd, thanks for the reblog! I hope homeowners in your market don't fall victim.

Jan 14, 2012 04:24 PM