HELP OUT OF FORECLOSURE: |
| Don't Take Foreclosure
sitting down. Many people don't know what to do, fail
to take action and eventually lose their home with nothing
in return. |
Marco
Larocca
Foreclosure
Expert |
FREE
30 Minute
Phone Consultation
If you need advice, ASK AN EXPERT!
You may have specific questions that need
to be answered. We have special services to help many cases
of foreclosure.
Of course, everyone has different reasons why they're facing
foreclosure. Let us know YOUR specific situation so we can
help you in the best way possible.
I
have a lot of Equity, can't I
Just Refinance using my equity? |
Of
Course You Can! It's called
a Foreclosure Bailout Loan, and
though not many lenders offer it,
we do offer that option to you as
part of our many services. Read
about Foreclosure Bailout
Loans |
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Avoid Foreclosure
Scams
Q: What should I look out for when I'm in foreclosure?
A: Beware
of scams! When you go into foreclosure, all the wolves come
out to play. Your information is in public record for everyone
to see, and it's almost guaranteed that you will be contacted
by many people who want to buy your home. If they're not represented
by a real state agent, or some other professional, make sure
you fully understand what they're offering you. If you're
selling your home without professional guidance, beware of
buyers who try to rush you through the process. READ ALL THE
FINEPRINT! Unfortunately, there are people who may try to
take advantage of your financial difficulty. Be especially
alert to the following:
Equity skimming. In this type of scam, a "buyer"
approaches you, offering to get you out of financial trouble
by promising to pay off your mortgage or give you a sum of
money when the property is sold. The "buyer" may
suggest that you move out quickly and deed the property to
him or her. The "buyer" then collects rent for a
time, does not make any mortgage payments, and allows the
lender to foreclose. Remember, signing over your deed to someone
else does not necessarily relieve you of your obligation on
your loan.
Phony counseling agencies. Some groups calling themselves
"counseling agencies" may approach you and offer
to perform certain services for a fee. These could well be
services you could do for yourself for free, such as negotiating
a new payment plan with your lender, or pursuing a pre-foreclosure
sale.
Read About Foreclosure Scams:
Foreclosure
Scams by bankrate.com
Foreclosure
Scams in a Growth Market by Realty Times
Q: Are There Any Precautions I Can Take?
A: Here are
several precautions that should help you avoid being "taken"
by a scam artist:
- Don't sign any papers you don't fully understand.
- Make sure you get all "promises" in writing.
- Beware of any contract of sale of loan assumption where
you are not formally released from liability for your mortgage
debt.
- Check with a lawyer or your
mortgage company before entering into any deal involving
your home.
- If you're selling the house yourself to avoid foreclosure,
check to see if there are any complaints against the prospective
buyer. You can contact your state's Attorney General, the
State Real Estate Commission, or the local District Attorney's
Consumer Fraud Unit for this type of information.
- Also, make sure youre buyer is qualified for a home before
dealing with them. Time is of the essence for you and you
cant afford to waste even a fraction of it. Ask for a preapproval
letter, or proof of funds, so you're not wasting precious
time on a buyer that cant afford your home.
Information provided by
hud.gov
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