![]() |
Home Loans and Mortgages - Beware of New "Mortgage Elimination" ScamThe 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.
Today’s 10-,15-year mortgage refinance rates sink to lowest levels in more than 30 days | May 25, 2022 FOX 6 Milwaukee Today's mortgage refinance rates rise – May 11, 2022 Bankrate.com The Mortgage Refinance Rush Has Cooled, But HELOCs Can Unlock Housing Wealth Hawaii Business Magazine When to Refinance Your Mortgage Business Insider Can You Refinance a Reverse Mortgage? Investopedia What Are Mortgage Points? A Quick Guide Zing! Blog by Quicken Loans Today's Mortgage, Refinance Rates: May 11, 2022 | High Inflation Means Rates Will Likely Stay Elevated Business Insider Personal Loan vs. Home Equity Loan: How to Choose the Right One for Your Financing Needs NextAdvisor A Wells Fargo exec answers questions over diversity controversies Business Insider Today's mortgage refinance rates fall – May 23, 2022 Bankrate.com Refinance Calculator Bankrate.com Trends in Mortgage Refinancing Activity Freddie Mac Today’s mortgage refinance rates: Steady shorter terms offer best savings chances | March 17, 2022 Fox Business How long does it take to close on a house? Bankrate.com Today's Mortgage, Refinance Rates: May 13, 2022 | Rates Increase for the Second Week in a Row Business Insider Today's Mortgage, Refinance Rates: May 16, 2022 | Rates Have Increased Over 2% Since Last Year Business Insider Should you refinance your mortgage now? Consider these factors The Seattle Times Jumbo Loan Refinance Guide | 2022 Rates and Guidelines The Mortgage Reports 3.8 million homeowners would still benefit from refinancing amid rise in mortgage rates, says Black Knight Fox Business How to refinance your mortgage, a step-by-step guide The Washington Post Still time to lock in a lower rate: Today's 30-year mortgage refinance rates fall | Feb. 9, 2022 Fox Business Survey finds 74% of homeowners haven’t refinanced despite historically low mortgage rates Bankrate.com Mortgage and real estate news this week: Affordability squeeze tightens, and refinancing must-knows Bankrate.com Texas' Best Mortgage Lenders & Current Mortgage Rates | US News Loans U.S News & World Report Money 3 Reasons to Refinance Your Mortgage Despite Rising Rates The Motley Fool Today's Cash-Out Refinance Rates Fox Business After Losing Her Home in a Fire, This Teacher Needed a Fresh Start. A Mortgage Refinance Helped Her Do It NextAdvisor Cash-In Refinance: What It Is And If It's Worth It Zing! Blog by Quicken Loans Cash-out refinance vs. no-cash-out | What's the difference? The Mortgage Reports 15 of the best mortgage refinance companies for 2021 Fox Business VA Loan Refinance Options | 2022 VA IRRRL and Cash-Out The Mortgage Reports Plunging Mortgage Rates Mean Refinancing Is Back on the Table for 2 Million Borrowers The Motley Fool Mortgage Refinance As An Inflation Hedge Surfky.com Best mortgage refinance lenders in 2022 Bankrate.com Mortgage demand falls to nearly half of what it was a year ago, as interest rates continue to rise CNBC Can You Refinance A VA Loan? Zing! Blog by Quicken Loans Mortgage refinance: Everything you need to know Fox Business What Is A CEMA Loan? A Quick Guide For NY Homeowners Zing! Blog by Quicken Loans Unemployed and unable to refinance Marketplace Home Mortgage Refinancing Disparities During the COVID-19 Pandemic: Insights for Delaware, New Jersey, and Pennsylvania Philadelphia Fed What Is Refinancing And How Does It Work? Bankrate.com
|