protect yourself from mortgage scams
Posted by admin on November 12th, 2009
The California Department of Real Estate has an extensive web site dealing with mortgage and foreclosure scams (written in English, Chinese and Spanish). Presumably all states have something similar to help you battle through the home loss nightmare millions of people are facing.
They cover home buying information, consumer home mortgage information, when to pay up-front fees, broker/real estate license checks; and you SHOULD check any brokers/real estate agents you plan on working with — there were dozens of bogus real estate agents in Southern California a few years ago. The site also includes financial and real estate license checks, who to call for information, and gives instruction about filing a complaint and receiving advice from the Real Estate Commissioner.
This information is FREE.
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However, it comes with a money-back guarantee from the writer/publisher and his strategies WORK; I saw a piece in action during a Visit to the Sheriff’s Office and I will let you know next week if this helped save Dennis’ home. If you can get through more battling, this may help you save your house. Apparently you have the right to a full disclosure of how fees are applied AND you have the right to ask for ALL of the original documents so that you actually know who owns your house. If we do not fight back. this inept and/or illegal behaviour on the part of lending institutions will continue! The Guide contains:
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The Foreclosure Secrets Guide.On October 11, 2009, Calfornia Governor Schwarzenegger signed a bill prohibiting any person, including real estate licensees and attorneys, from demanding or collecting an advance fee from a consumer for loan modification or mortgage loan forbearance services affecting residences (1-4 units).
Agreements entered into and advance fees collected prior to October 11, 2009 are not affected. Advance fees collected after October 11, 2009 must be fully refunded.
For full details on Senate Bill 94 Click here.
From “10 Things You Must Do to Stop the Foreclosure Process:”
#9: UNDERSTAND FORECLOSURE PREVENTION OPTIONS You must talk with the LOSS MITIGATION DEPARTMENT to make arrangements in your options to stop foreclosure. Most lenders will not allow you to negotiate with them until you are three months late in your payments.
Editor’s Note: Do not play this game with the lender; we have just watched three foreclosures go through that started with the lender saying “We can’t help you until you are three months behind.” The homeowners did as suggested and the lenders foreclosed anyway. I’m working with a group that is working hard to figure out what is going on and attempting to block two of the three aforementioned foreclosures — one has already gone through! Something ugly is happening in America; we all need to pay attention and work to stop it if you have the time and the heart.
Anyway, try to brake thisrule. It is very common these days that you need to wait a lot on thephone to talk with this department. There are thousands of peoplelooking to negotiate as well -and growing-. You must know what is the best option, when is the best time and how to negotiate with them.
#10. BEWARE OF UNSCRUPULOUS INVESTORS!! If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, your financial adviser or a HUD approved housing counselor. Many web sites claiming to help you in a foreclosure situation are just to take your home away before the lender does. Beware those guys.
Tags: avoid foreclosure, illegal foreclosures, loan modification fees illegal
