 |
Home Loans and Mortgages - Beware of Deed Theft Scam
The average home in the United States has a value of $206,000,
a record amount. Real estate prices have been rising throughout
the country during the last five years, and homeowners have seen
the value of their property skyrocket. In California alone, the
equity in private homes has increased by more than one trillion
dollars in the last five years alone. Many homeowners do not even
realize that their home may be worth hundreds of thousands of
dollars more than they know. Unfortunately for them, a new breed
of thieves is well aware of the value of home equity, and a scam
known as "deed theft" has allowed them to steal homes from
thousands of people.
Deed theft is simple in principle. The perpetrators of deed
theft post flyers around town offering "foreclosure help." They
seek homeowners with mortgages who may be experiencing some
temporary financial setback that threatens them with foreclosure.
It's not uncommon for people who have been living in their homes
for years to have a sudden financial emergency that prevents them
from making their house payments. Perhaps a job loss or illness
is to blame. The economic downturn of the last five years has
left a lot of people struggling to pay their bills, and these are
the people that the deed thieves seek. Their flyers promise to
help those in danger of having their homes taken through
foreclosure. The thieves meet with the homeowners and ask to have
the title to the home transferred to them. In exchange, the
"rescuer" will promise to pay the delinquent bills and rent the
home to the victim for a year or so at a fair price. During this
time, they say, the homeowner can save their money or pay off
other bills. At the end of that year, the victim can buy the
house back from the "rescuer."
This seems like a friendly gesture, except that the "rescuer"
has no intention of selling the home back to the victim. Once the
title is signed over to them, they legally own the home. They may
evict the victim, sell the home, or borrow against it, and there
is little recourse for the victim, who is now nothing more than a
squatter. Many of these victims fail to realize that they may
have had hundreds of thousands of dollars in equity in their home
or that their mortgage company may have been willing to either
refinance their home or assist them in some other way with making
their payments.
This scam is currently popular across the country and
homeowners could easily avoid being victimized by simply calling
their mortgage company at the first sign of financial struggle.
Mortgage companies aren't really interested in foreclosure;
they'd much rather get paid if at all possible. Before accepting
the "help" of strangers who post signs on streetcorners,
homeowners should start by asking help from those with whom they
are already doing business. Doing so could not only save the
homeowner money, it could save the homeowner's house.
©Copyright 2005 by Retro Marketing. Charles Essmeier is
the owner of Retro Marketing, a firm devoted to informational
Websites, including End-Your-Debt.com, a Website devoted to
debt
consolidation information and HomeEquityHelp.net, a site
devoted to information on home equity loans.
 MORE RESOURCES updated Thu. February / 09 / 2012
|
AgedLeadStore.com to Add 1100000 Aged Mortgage Refinance LeadsMiddle East North Africa Financial NetworkCOM, January 26, 2012 ) Baltimore, MD AgedLeadStore.com is increasing its value for its customers by adding 1.1 million aged Mortgage Refinance Leads in February. This is important as many people depend upon their ability to refinance to make progress ... |
|
New HARP Could Help Up to 6.7 MillionNASDAQOther changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ...and more » |
Google News
|
|
|
RELATED MORTGAGE AND REFINANCING ARTICLES:
Types of
Mortgages
Here is a useful guide to the different types of mortgages
that are available. A mortgage is a loan you take out to buy
property.
Secured Homeowner Loans
to Reiterate that a Home Provides More than a Roof Over
Your Head
"The ache for home lives in all of us, the safe place where
we can go as we are and not be questioned."It is a
challenge to find a place like that.
Five Things Never To
Tell Your Mortgage Lender When Facing
Foreclosure
1. Never discuss your household finances over the phone
with the collection department.
Home Loans: What You
Should Know!
Finding home loans can be a daunting task, whether you're a
first time home buyer or an existing homeowner. The good
news is that there are more options than ever to help you
find the loan that's right for you.
Buy a Home With a
Government Grant? Avoid this Scam
If you watch enough late night television, you'll see
advertisements that suggest that the Federal Government is
giving all kinds of things away. You'll see ads for
auctions that promise that you can buy a Ferrari for $500
or a home for $1000 through "government liquidations" or
some such thing.
Using a Calculator to
Assess Your Loan
Buying a house is a very important step in your life. Every
family dreams of having their own home and whether you are
looking into your first, or are moving or upgrading your
home, you know your mortgage is important.
How To Tap In To Your
Home Equity
With today's relatively low interest rates and climbing
property values, many consumers are considering taping into
their home equity to finance everything from home
improvement projects to debt consolidation. Secured home
loans, also called home equity loans, are loans backed by
the borrower's equity in their property.
Selecting the Right
Mortgage for You
A mortgage is a loan you take out to buy a home. This loan
covers the "principal" (purchase price of the house minus
your down payment) plus the "interest," which is the fee a
lender charges you to borrow the money.
5 Steps to Getting on
Top of your Mortgage
Getting on top of your mortgage so you can pay your loan
off faster and potentially save thousands of dollars on
your home loan is possible with a plan and consistent
effort. There are mortgage reduction strategies that you
can put into place that will ensure that your loan is paid
off more quickly without putting a huge strain on your
current budget.
Flexible Mortgages -
Offering Relief from the Fixed Mortgage
A pension mortgage may seem lucrative at the first sight.
However, they seldom are, if the customers who took pension
mortgage are to be believed.
How to Buy a Home
Without a Down Payment
Mortgage rates are rising and it's becoming more difficult
for a prospective buyer to save up for the necessary down
payment. Fortunately, there are ways around this hurdle.
The Top 5 Reasons to Buy
a Home
1. Save on your income tax.
Bad Credit Mortgage
Loans - Are You Killing Your Chances of Getting
Approved?
When you have poor credit, your list of lenders that will
approve you for a home loan can shrink down very small. You
want to make sure that you are doing everything in your
power to keep your credit rating as high as you can.
Mortgage Terminology for
the First Time Home Buyer
Buying a Home for the first time can be a little "nerve
racking". Mortgage terminology that brokers use everyday
can leave you scratching your head or shaking your head
pretending that you know what they're talking about.
What Are Mortgage
Brokers And Why To Use One
"Mortgage" is formed from two words: the French word "mort"
meaning "dead" and the word "gage" from Old English meaning
"pledge". Sir Edward Coke (who lived from 1552 to 1634)
explained the term: the land as considered "dead" to the
mortgagor, as if the person never had it.
Some Mortgage Loans are
Available with Absolutely no Money Needed From
You
Today, FHA will loan up to 97 percent of the purchase price
of a home, meaning a borrower only needs 3 percent. The
three percent down payment can come in the form of a gift,
and closing costs can be financed into the loan, making
this a true no money out of pocket purchase transaction.
5 Ways to Use Your Home
Equity Line of Credit
Your home is a source of pride and accomplishment. Did you
know that your home can also be an affordable source of
income? As your home appreciates and you make your monthly
mortgage payments you build what's called equity.
Home Equity Loans - Are
They Right For You?
The bills are out of control and you need a new car. "Maybe
we can get a new carpet and paint the house", you say to
yourself.
Home Loans For People
With Bad Credit - When you Should Wait and When You Should
Get a Home Loan
Home loans may seem like a bad idea for people with bad
credit, but there are times when a home loan can help your
credit score and your budget. To know if a home loan is
best for you, consider factors such as your current
financial situation, current rent payment, and future
goals.
What is a
Remortgage?
A remortgage is changing your mortgage without moving your
home. Remortgaging is the process of switching your
mortgage to another lender that is offering a better deal
than your current lender thereby saving money.
|
used office furnishings-supplies-equipment-desks-cubicles-service-counters for
sale in Akron Ohio
Die cast model cars for sale in Akron Ohio
used cars for sale in Akron Ohio
unfurnished homes for
rent in Akron Ohio
| first second
ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers
quotes florida houston gmac washington interest only 2nd software debt consolidation
reverse senior equity texas maryland options lending bad credit
option one ameriquest chase first banks emc residential california miami dallas est branch marketing
home company commercial yahoo online bad credit low credit no credit |
|
