ADVICE FOR HOME OWNERS: Real Estate & Mortgage Fraud...Be Aware & Know Your Options!
Home owners if you are having financial difficulties paying your mortgage or are facing foreclosure, read Amy Hahn's informative post on mortgage fraud and what to be aware of & know your options.
Real Estate & Mortgage Fraud...Be Aware & Know Your Options!
NC Attorney General, Roy Cooper, spoke at the North Carolina Association of REALTORS®, Legislative Forum this past week in Raleigh. One of the main topics he focused on was Real Estate and Mortgage Fraud.
Roy Cooper told the story of a North Carolina family who had a run of bad luck and were facing foreclosure. One evening they saw a commercial on Television promising to help them eliminate debt and avoid foreclosure with a loan modification. They called the number, it sounded like a great plan, scraped together the $1800 for the initial cost to fix all of their financial problems and then of course, the company did nothing other than cash that $1800 check. This company had also advised the family to stop paying their current lender, and other creditors which destroyed any credit the struggling family had left. This particular company (but there are many more just like it) has been shut down and is in a whole heap of trouble, but that does not help the desperate family that lost everything. And there are so many stories like this one. According to the Attorney General, If they ask you for money upfront to help solve your financial difficulties...DON'T DO IT! In my opinion...If it seems to good to be true, It probably is.
If you are facing foreclosure or just having difficulties making your monthly payments, please contact your lender first. Do not be ashamed to make that call and admit that you can't pay your mortgage...Your lender or Mortgage Broker may be able to help. A Short Sale may also be an option for you and your REALTOR® may be able to help. A good REALTOR® (and there are many out there) will work closely with you and your lender to get the best deal for you. Know your options and do your research before jumping into anything. There are lots of different scams that consumers can fall into, and a good Lender or Mortgage Broker can help you understand what may or may not work for you.
For more information about many of the different Real Estate Fraud Schemes and how to recognize them, please check out this series of eight posts by Nevin Williams. There are definitely other schemes out there, but this series will help you get started.
Is your transaction a real estate fraud scheme?
Is your transaction a real estate fraud scheme? Part 2 of 8
Is your transaction a real estate fraud scheme? Part 3 of 8 Short Sale Schemes
Is your transaction a real estate fraud scheme? Part 4 of 8
Is your real estate transaction a fraud scheme? Part 5 of 8
Is your transaction a real estate fraud scheme? Part 6 of 8- Bankruptcy & Arson
Is your real estate transaction a fraud scheme? Part 7 of 8 Reverse mortgage schemes Stealing from seniors
Is your transaction a real estate fraud scheme? Part 8 of 8
Serving All of the Crystal Coast
Mobile: 252-723-7972
Office: 252-727-5000
Toll Free: 800-605-8598
Email: info@pineknollshoresrealty.com
Website: www.pineknollshoresrealty.com
Amy Hahn , Crystal Coast REALTOR - Amy's Crystal Coast Blog
Comments(2)