Where a large number of foreclosures are being reported, one can't help notice the amount of "HELP" out there. Bad people prey on desperate people. No matter how desperate your situation is do not run into the arms of that individual who rings your phone one evening offering to help save you from foreclosure. You see...it's not help or kindness---as many people are preying on your situation as an opportunity for investment.
Within this rescue, there's a document that transfers ownership (deed)--that is correct transfers ownership --- meaning you've sold your place and have now earned the opportunity to rent your former home.
Examples of documents that may include a transfer of interest in real property include:
- Warranty deeds
- Quit claim deeds
- Contracts for timber, gas, oil, or mineral rights
- Easements
- Contracts or agreements for deed
- Assignments of contract or agreement for deed
- Assignments of leasehold interest
- Assignments of beneficial interest in a trust
- Deeds in lieu of foreclosure
Consideration generally consists of:
- Money paid or to be paid
- Discharge of an obligation
- Mortgage or other lien encumbering the property
- Exchange of property
- Any other monetary consideration or consideration which has value
When the consideration paid or exchanged for real property is property other than money, the consideration is equal to the fair market value of the real property.
I hear really sad stories about people unknowingly signing documents they thought were just part of the loan documents during what they thought was a refinance. If you can not afford an attorney contact Legal Aid -- if you do not qualify for Legal Aid, the Florida Bar Lawyer Referral Service can refer you to an attorney who offers 1/2 an hour consultation for $25.
Imagine...thinking you were refinancing...only to find out that you have been stripped of your equity and your home. These programs have a 12 month rental period where the owner has the first option to buy back the home from the rescuing investor. (That is if you are not evicted first for missing a rent payment). If you are fortunate enough to pay your rent on time, this is what happens, the property is offered back to you at a price that often times can not be afforded.
Be an informed consumer.
Know Your Options to Avoid Foreclosure. MSN Money Central recently did a story on some of your options. You may also want to check with your local government as there are some housing programs that offer one time grant assistance to households who meet income and program criteria to avoid foreclosure.
Have A Question?...Just ASK.
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