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SHORT SALE RESCUE FRAUD ON DESPERATE HOMEOWNERS
I don’t know where to start, this story is so typical of ripping off desperate homeowners thanks to many “get rich through short sales” seminars and those practicing what they were preached.  In this case, congratulations to the fraudster – he pocketed $60,000 with no investment! – But now he has a real risk of going to jail.
Mrs. Smith, a Haitian that speaks little English, was current with her mortgage but having problems making ends meet.  The mortgage amount was greater than the value of the home (the home was upside down) and after hearing and reading about mortgage modification and save my home alternatives through the “O’Bama programs”, she was interested in finding out what help might be available to her.
She called her lender and as most say, “we cannot help you unless you are (30, 60, 90 days – pick one) late on your mortgage with us”.  (The fact that this is usually an incorrect or misleading statement is another matter and mentioned in my article SHORT SALE SUMMIT REVELATIONS BY BANK OF AMERICA).  Since her lender told her to be late, she stopped paying the mortgage.
After a few months and her lender now telling her ... more

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