| |
| |
|
Mortgage & Refinancing Information |
|
|
|
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: Equity Skimming. 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:
mortgage refinance - Google News |
|
|
|
RELATED ARTICLES
6 Things to Consider Before Refinancing Perhaps you're a homeowner in need of some quick cash.Maybe you want to consolidate your debts so you have better control of your money. The Mortgage Loan Application Online - Save Time & Money By Applying On The Internet "You can save time and money by applying for a mortgage loan online." This often touted tagline seems like a gimmick, but it's true. How to Utilize Your Cash Investment in Your Home Have you ever noticed how hard it can be to get to the equity in your home?Recently I had a client come to my office who had quite a bit of equity in their home. I'm not talking about $50,000 or even $200k, I'm talking about over $250k. Mortgage Basics for First Time Home Buyers Anyone planning to take out a mortgage for the first time will most likely find the job a little daunting, not least because the financial jargon can often be very difficult to make sense of. As with any major financial decision, it is essential to fully understand every aspect of a mortgage plan before making a commitment. No Money Down Mortgage Loans - Ways To Get Approved For a Home Loan Online With Zero Down No money down mortgage loans enabled more people to own their own home. The following ways will help you get approved for a home loan online with zero down. Understand a Real Estate Appraisal Happy New Year. Make a difference this year. High Risk Home Mortgage Lenders Online Online high risk home mortgage lenders specialize in offering loans to people with adverse credit due to bankruptcy or other financial problems. By analyzing online quotes, you can find a reasonable mortgage loan even with poor credit. A Qualified Mortgage Consultant Can Help Boost Credit Scores Consumers interested in purchasing or refinancing a home will pay an interest rate based on current market conditions and their ability to pay back the loan. The borrower's income and debt ratios are taken into consideration by the lender, as well as the predictability factor provided by credit scoring. Home Mortgages: How About Those 1.75% Loans? You've undoubtedly heard or seen ads for mortgages with very low interest rates such as 1.75%. Securing a Cheap Home Improvement Loan Finding a cheap home improvement loan can be a challenge at times, but the extra work involved can pay off by saving you money in the long run.Taking the time to get extra quotes, do a bit more research, and finding the best people to work on your home improvements is always a good idea? and if it results in a cheap home improvement loan, all the better!How home improvement loans workThe first step to finding a cheap home improvement loan is to know exactly how it is that home improvement loans work. Home Loans: Where Do I Begin? So you've finally decided you've had enough of paying rent and want to jump into home ownership. Well you've got your work cut out for you. The Right Home Loan - Floating or Fixed Rate Loan Choosing a home loan has never been tougher. Yes, with all these cheap interest rates floating around, you as a customer are faced with a happy predicament. How To Get a Mortgage If Youre Self-Employed If you are self-employed, work on a contract basis, or have an income that is irregular or comes from multiple sources, it will generally be harder for you to get a mortgage than it is for someone who is an employee and can easily prove their income.A self-employed person is someone who runs their own business and works for themselves without an employer. Repayment of Loans - Lessening the Bitterness of the Process So how have you planned the repayment? Don't tell if you haven't started the plannings yet. It is high time the plannings and the decisions be made regarding the repayment of the loan. A Guide to Direct Homeowner Loans Are you considering applying for direct homeowner loans? Perhaps you're simply wanting more information on direct homeowner loans so that you'll be able to make an informed decision?Direct homeowner loans can be very useful for a wide variety of purposes ranging from purchasing new vehicles to consolidating old debts, but as with all loans should be researched and carefully considered before any final decisions are made.How direct homeowner loans workDirect homeowner loans are based upon the equity that you have in your home? equity, of course, being the percentage of your home's value that is free from any mortgage or loan. Home Loans: To Substantiate Financial Possibilities On Your Land Availability of Home loans is in full bloom. They are uncomplicated, tenable, easily available, very flexible and tailor-made for homeowners. Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World? Online home mortgage quotes are very similar to the quotes given by mortgage brokers in "the real world," except lower. With the reduced cost due to a simplified application process and reduce overhead for office space and personnel, online mortgage lenders can offer financing with no fees or lower interest rates. Home Loans For People With Poor Credit - Understanding The Requirements For a Subprime Mortgage Home loans for people with poor credit demand that you understand the requirements for a subprime mortgage loan to get the best rates and terms. By satisfying the requirements, you can be assured of securing a subprime mortgage to buy a home. Refinancing Online - Tips For Getting a Low Interest Rate When Applying Online Refinancing online is a great opportunity to find low interest rates. Online mortgage lenders provide information about rates and fees for easy comparisons. Jumbo Home Mortgage Loans - What They Are and Where To Get Jumbo Loan Financing A jumbo mortgage is different than a conforming loan. A jumbo loan amount exceeds that limit set by FNMA.
|
| Article List | Index | Site Map |
|
All logos, trademarks and articles on this site are property and copyright of their respective owner(s).
The comments are property of their posters, all the rest is Copyright © 2006 CanadaSEEK.com - All Rights Reserved. |
