If You're Facing Forclosure Watch Out for Fraudulent Buyers

If you're not able to keep up with your mortgage payments and trying to avoid foreclosure, watch out for fraudulent buyers who may take your home, but not pay off your loan.  There's a story in the Palm Beach Post today (May 12, 2007) about a mortgage and real estate broker in Martin County, Florida, who was "buying" homes to help out people trying to stop foreclosure.  He had a person at a title company prepare documents that seemed to show a sale and a satisfaction of mortgage, however, the loans were never paid off or refinanced.  He kept paying the loans so he claims he was doing no harm!  Fortunately, they've been stopped before they "bought" so many homes they couldn't keep paying all the loans.  It would be his victims, who thought they had made a legitimate sale and paid off their loans, who would end up losing their credit.  Read the full story at PalmBeachPost.com.

Remember, if something seems to good to be true, it probably is.  If someone comes to you wanting to buy your home, especially if you're behind in your payments, you need to check them out thoroughly and you should consult a Realtor and/or an attorney before signing anything.