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

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

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!

VA Foreclosure Help

Question: Advice re VA foreclosure homes?

Anyone help on a couple of basic questions.
What is the condition of these homes generally, or is it not possible to generalise because of location differences?
Can I buy as an investor and more than one property?

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Answer: All the VA foreclosre houses are sold "as is", no warranties, and conditions vary with some well cared for. There is a VA Vendee Financing program with both veterans and non veterans eligible and it doesn't matter if you are an owner/ occupier or an investor. Main attraction is NO DOWN PAYMENT. Longterm 15 to 30 years, and I am told they don't use credit scores as a determining factor for approval.. There is no limit to the number of VA homes you can buy with this funding although you are limited to 5 active loans in a 6 month period. Just need to check it out though because it isn't available on all VA homes.

I am a retired realtor still dabbling in real estate investment and development, and an occasional contributor to the Discussion Board at http://www.foreclosuredatabank.com/board

Find Short Sale Help In Woodbridge VA- Peggy James Can Help

Foreclosed Vegas Homes

Question: Can my husbands ex go after him for more child support because she is going broke?

My husband’s ex is going broke. She stopped working in 2006 was collecting work-mans comp. Then she took a settlement and after taxes she receive sixty thousand dollars, last year. She was living with her father and the house is foreclosing, now. She no longer has any money from that. Welfare won’t give her cash aid, food stamps or medicaid for the daughter. Because she went through 60k in one year and doesn’t have the receipts. She did admit that she gambled 6k in Vegas in 4 days. She did get an apartment from sec 8. but now her only income is from my husbands child support 75 dollars a week. I am a stay at home mom, with two children. My husband works and we are receiving food stamps, medicaid for the boys and wic to make ends meet. We live in different states from his ex and daughter. Any advise!

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Answer: The amount of child support that an ex spouse pays is based on the amount of money they make. For her to get more money from your husband, he has to either get a raise or change jobs causing an increase in his pay. I know of someone who's ex took him to court every time he got a raise so that she could get more money. I wouldn't be too concerned. A judge would never give her more money just because she is going broke. The amount of money she gets will always be based on the amount of money your husband makes. And just so you know, if you ever get a job, your money would not be counted if she tried to get more money from him. They can not include a new spouses income in determining the child support to be paid to the ex spouse.

How to Find Out if a Las Vegas Home is in Foreclosure Online