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Home Loans and Mortgages - Beware of New "Mortgage
Elimination" Scam
The booming real estate market has allowed many Americans to
become "equity rich." They may not have a lot of cash on hand,
but they might have equity in their homes worth several hundred
thousand dollars or more. Unfortunately, this increase in home
wealth has spawned an equally booming business in equity theft,
as more and more thieves find increasingly clever ways to con
homeowners out of their equity, their homes, or both. One clever
new scam involves companies that promise to completely
"eliminate" a homeowner's mortgage. For a fee of a few thousand
dollars, these companies claim that a homeowner can have a free
and clear title to their home without paying off the remaining
debt. How does this scam work?
This scam is a bit more complicated than other scams that
often use simple forgery of identity theft. In this "mortgage
elimination" scam, the homeowner places his home in a trust with
the mortgage elimination company as the trustee. The trustee
files a long, tedious, frivolous, letter of complaint with the
mortgage company, giving them a mere ten days to respond. Should
the mortgage company not respond within ten days, and they
frequently do not, the trust claims that they are then free of
the mortgage obligation. Using a questionable power of attorney
procedure, the trust then files with the local register of deeds
for a release of the home's title. This makes it appear that the
home is now owned without a lien.
The legalities of this range from murky and questionable to
outright fraud. It gets even worse when the trustee, claiming
clear title to the home, takes out a home equity loan, cashes the
check, and promptly disappears. The resulting mess often leaves
the original homeowner with a pile of lawsuits, numerous visits
from the police and the obligation to pay two mortgages. This
scam is currently going on only in certain parts of the country,
and isn't yet widespread. Homeowners can easily avoid being taken
by this scam by simply recognizing one simple truth - you cannot
simply waive a mortgage obligation away without paying off the
loan. Remember, if it sounds too good to be true, it is too good
to be true.
©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. June / 08 / 2023
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