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Avoiding Foreclosure Scams
If your mortgage company is threatening foreclosure, there are things you can do to avoid it (see my article titled "How to Avoid Foreclosure"). However, you should be aware of scams. If there are solutions to your problems that seem too good to be true, they probably are.
For example, if you're trying to sell your home yourself without professional guidance, beware of buyers trying to rush you through the process. It is unfortunate, but there are people who will try to take advantage of your financial difficulty. You should be especially alert to these scams:
In this scam, a person approaches you as a buyer, offering to get you out of financial trouble by promising to pay off your mortgage or to give you a sum of money when the property is sold. This person may suggest you move out quickly and deed the property to him or her. The buyer than rents the property, collects rents for a time, does not make any mortgage payments, and allows the lender to foreclose. The important thing to remember is that signing over your deed to someone else does not necessarily relieve you of your obligation on the mortgage loan.
Phony Counsel ling Agencies.
Some organizations may approach you saying they are "counseling agencies." They will offer to perform certain services for a fee. These may very well be services you could do yourself, such as negotiating a new payment plan with your lender or pursuing a pre-foreclosure sale. If you feel counseling could help, forget those companies that charge fees, and try to find a local, non-profit credit counseling organization in your city. Most cites have at least one that is backed my local merchants and require no fees.
Precautions you can take
Here are some things you can do to avoid a foreclosure scam.
1. Don't sign any papers you don't understand
2. Make sure you get all "promises" in writing
3. See a lawyer or your mortgage company before entering into any agreement involving your house.
4. Beware of any contract of sale or loan assumption where you are not formally released from liability for your mortgage debt.
5. If you're selling the house yourself, to avoid foreclosure, contact your state's attorney general, the state real estate commission, your local Better Business Bureau, or your district attorney's consumer fraud division to make sure there are no complaints against the prospective buyer.
The main things to remember
· Don't lose your home and damage your credit history
· If you are receive a letter from your mortgage company threatening foreclosure, contact the company immediately.
· Stay in your home to make sure you qualify for assistance.
· Explore every alternative to keep your home.
· Be aware of scams.
· Do not sign anything you don't understand. And remember that signing over the deed to your house to someone else does not necessarily relieve you of your loan obligation.
Always remember that foreclosure can be avoided. There are things you can do yourself to save your home. And be sure to avoid foreclosure scams.
For FREE help with debt and credit, subscribe today to Douglas Hanna's free email newsletter "8 Simple Steps to Debt Relief" at http://www.all-in-one-info.com
MORE RESOURCES updated Thu. September / 24 / 2020
Refinancing Your Mortgage Is About to Get More Expensive The Wall Street Journal
Mortgage and refinance rates today, September 24, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 24, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
How to refinance your mortgage in 5 easy steps Fox Business
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low - CNBC
A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. - Bankrate.com
Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com
How to refinance your mortgage without closing costs Fox Business
How often can you refinance your mortgage? Fox Business
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
Refinance your home before December 1 to avoid paying a new fee Business Insider
How and Why to Refinance Your Mortgage: A Step-By-Step Guide ActionNewsJax.com
Mortgage Refinance Calculator Clark.com
Should I refinance my mortgage? A financial planner explains Business Insider
When Should I Refinance With a No Closing Cost Mortgage? Clark.com - Clark Howard
Jump in U.S. Mortgage Refinancing Point2 Homes
Clark Howard’s Special Rule for Refinancing Your Mortgage Clark.com - Clark Howard
15-year mortgage rate hits new record low Bankrate.com
Coronavirus is driving a home renovation boom: Most popular projects, plus financing tips - Bankrate.com
Coronavirus is driving a home renovation boom: Most popular projects, plus financing tips Bankrate.com
What to consider when retiring and refinancing your home Washington Post
RED Mortgage Capital Provides $39 Million FHA Loan for Luxury Mixed-Income Multifamily Housing in Salt Lake City - PRNewswire
RED Mortgage Capital Provides $39 Million FHA Loan for Luxury Mixed-Income Multifamily Housing in Salt Lake City PRNewswire
Millennials drive huge VA home loan refinance boost in Hampton Roads - The Virginian-Pilot - Virginian-Pilot
Millennials drive huge VA home loan refinance boost in Hampton Roads - The Virginian-Pilot Virginian-Pilot
Record number of banks offering cashback of up to $4000 for moving your mortgage, but is it worth it? - 9News
Record number of banks offering cashback of up to $4000 for moving your mortgage, but is it worth it? 9News
Seven Out of 10 Homeowners Who Research Refinancing Get Unwanted Sales Pitches: Survey - Credible News
Seven Out of 10 Homeowners Who Research Refinancing Get Unwanted Sales Pitches: Survey Credible News
United Shore seeks to outpace Rocket in mortgage war The Detroit News
Mortgage rates rise amid positive housing news Washington Post
What You Should Know About Non-Bank Mortgage Lenders The Motley Fool
Homeowners Are Gaining Equity. Here's Why That's a Good Thing The Motley Fool
Mortgage refinance: Everything you need to know Fox Business
The Median U.S. Home Value Has Reached a Record High -- and That's Bad News for Buyers - The Motley Fool
The Median U.S. Home Value Has Reached a Record High -- and That's Bad News for Buyers The Motley Fool
How to get the best mortgage refinance rates Fox Business
10 things to know before refinancing your mortgage Fox Business
When should you refinance your mortgage? Fox Business
Compare Today's Mortgage Refinance Rates: Sep 23 Credible News
How to get a low-cost mortgage refinance Bankrate.com
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
How does mortgage refinancing work? Bankrate.com
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal
Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal
Should you refinance your mortgage? Tennessean
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC