Foreclosures Help Information

Archive for June, 2008

Mortgage Foreclosure Rescue Scams

Between March and June 2008, 406 people have been charged with mortgage fraud through 'Operation Malicious Mortgage'. The foreclosure crisis has caused some kinds of fraud to skyrocket and the Justice Department has taken notice. There are three main scams that OMM is targeting: lending fraud, foreclosure rescue scams and mortgage bankruptcy scams.

Lending fraud:

There are several types of lending fraud, but we're going to look at one that is responsible for a lot of foreclosures. This is perpetrated on low-income and vulnerable demographics, such as seniors and families trying to get ahead. The person buying the home is offered an exceptionally good rate on interest, but is then hit with exorbitantly high fees and bogus taxes. What started out as a great deal becomes crushing debt. One nasty note on this kind of fraud is that about half of the people fleeced by these people could have gotten a regular loan through a reputable lending institution. They just didn't check to see what their options were.

Foreclosure rescue scams:

Say you're in a foreclosure situation, but someone steps in and says, "Hey, we can help you! Just sell your house to us for a nominal sum, we'll keep it for you and you can rent-to-own it back until you get on your feet!" You say, "Where do I sign?" The problem is, the 'kindly stranger' ends up selling your house out from under you, at a huge profit. After all, you legally transferred ownership. Too bad that your family has nowhere to live and that you're out thousands of dollars. This scam is often perpetrated against the elderly, leaving seniors without their homes or money to live.

Mortgage bankruptcy scams:

"Hey, I see you're in trouble. Let me help you with that. Just pay what you're paying to me and I'll see you straightened out!" Instead of "straightening you out", the scamster instead goes and pockets all of your payments. Sometimes a bankruptcy will be filed in your name without your knowledge. It stops foreclosure proceedings, but not for long. What a surprise you'll get when you realize that your home has been foreclosed after all! By the time many home owners realize what has happened, they are months behind on the mortgage, the scammer is gone, along with thousands of the home owner's dollars, and the bank is knocking on the door.

The key to avoiding all of these scams is to read anything you sign carefully and get a real estate lawyer to check that what you're signing doesn't make you a target for unscrupulous fees or added interest. If you already have a mortgage and are in trouble (or heading there), bypass "foreclosure services" and go directly to your lender or mortgage broker. Do not pass GO and do not collect $200 (you'll probably need it for the insurance).

About the Author:

Search for La Veta real estate in Southern Colorado at LaVetaForSale.com. Check out the handy La Veta real estate blog to learn about all things La Veta.

Source - Operation Malicious Mortgage Attacks!

Mortgage Foreclosure Rescue Scams - Documentary Video

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Fha Foreclosed Homes For Sale

If you have a loan through the government or a first time home buyer’s loan then you most likely can benefit through the Obama plan to save the housing crisis. You are one of a small number of homeowners this plan really is helping but you can prevent an FHA foreclosure.

A government loan or a first time home buyer’s loan is when a lending institution gives you money from the government. These loans may be set up for military personnel, veterans, and other people. The help with these loans is absolutely amazing because people do have the opportunity to save their credit and their home without suffering.

People who do not have government loans do not benefit from the plan as much as people with government loans because they were not considered. The only way they can benefit and save their house is by filing bankruptcy. This is a big decision on whether you would prefer to have a defaulted home on your credit report or a bankruptcy. There isn’t much of a difference when it gets to this point because both of these two things are extremely damaging to someone’s financial well being.

If you do have a government loan on your home and you have fallen behind on the payments and the bank has initiated the default process then you are in a good position. There is no reason to worry about it because you have the privilege of refinancing your mortgage to something that is more affordable for you. Your income will be considered and you will be given a new payment that is more realistic that you really can pay on a monthly basis. You don’t and won’t lose your house if you don’t want to. Plus, your credit will remain in tact.

People who are looking at an FHA foreclosure today are going to be saved through the Obama plan. You are the only ones that will benefit by not damaging your credit by filing bankruptcy in order to save your house. This is because the government is refinancing all loans to lower monthly payments for people who have government loans. Don’t’ you wish that you had a government loan on your home too?

About the Author:

Joseph Smith has been educating buyers on the finer points of FHA Foreclosure at ForeclosedPropertiesData.com for over five years.

Source - How the Obama Plan is Preventing FHA Foreclosure

First Time Home Buyer Loan, $8000 Tax Credit, FHA Low Down Payment Mortgage Assistance Program

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Stop Foreclosure Fast

Question: Need Help Fast!!!!?

How can I stop a foreclosure??? my moms house is in foreclosure how can i stop that????

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Answer: There's no magic help: she can't pay for the house. Unless she can come up with some money and negotiate with the lender, there's nothing you can do.

Stop Foreclosure Fast! We Can Help You Save Your Home Now!

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