Foreclosure Scams
At this time the scams being used to victimize homeowners facing foreclosure fall into three main categories.
Phantom help: These self-appointed “rescuers” charge outrageous fees for useless phone calls and light paperwork. This predatory scam costs the homeowners time, money, and hope. They never result in saving the home from foreclosure, but wastes precious time that could have been used seeking qualified help.
The bailout: The homeowners are told if they sell their home to the scammer at or just above the payoff amount of the mortgage they would be able to rent the home and eventually buy it back. It ends up that the terms for the buy-back are so outrageous that it becomes impossible and the homeowner loses possession and the scammer walks away with the equity in the house.
The bait-and-switch: The homeowners are deceived into believing they are signing documents to bring their mortgage payments current, but in fact they are signing over title to the home. In many cases they don’t even know they have been scammed until they receive an eviction notice.
Homeowners facing foreclosure can be very desperate and make decisions that could destroy them financially. Before making any decision based on promises written on a florescent sign tacked to a telephone pole, contact an attorney, credit counselor, or a housing counseling agency. One website is NeighborWorks Center for Foreclosure Solutions. They will make referrals to local agencies that are reputable and truly helpful.
Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage
303-987-0622
Phantom help: These self-appointed “rescuers” charge outrageous fees for useless phone calls and light paperwork. This predatory scam costs the homeowners time, money, and hope. They never result in saving the home from foreclosure, but wastes precious time that could have been used seeking qualified help.
The bailout: The homeowners are told if they sell their home to the scammer at or just above the payoff amount of the mortgage they would be able to rent the home and eventually buy it back. It ends up that the terms for the buy-back are so outrageous that it becomes impossible and the homeowner loses possession and the scammer walks away with the equity in the house.
The bait-and-switch: The homeowners are deceived into believing they are signing documents to bring their mortgage payments current, but in fact they are signing over title to the home. In many cases they don’t even know they have been scammed until they receive an eviction notice.
Homeowners facing foreclosure can be very desperate and make decisions that could destroy them financially. Before making any decision based on promises written on a florescent sign tacked to a telephone pole, contact an attorney, credit counselor, or a housing counseling agency. One website is NeighborWorks Center for Foreclosure Solutions. They will make referrals to local agencies that are reputable and truly helpful.
Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage
303-987-0622
posted by Academy National Mortgage at 12:01 PM
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