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

---

Finding the Online Homeowner Loans You Want

Online homeowner loans have been growing in popularity in recent years, blossoming into a new industry of online lenders and new opportunities for homeowners who find themselves... Read More

What Are Home Equity Loans?

A home equity loan is simply borrowing on the difference of the value of your home and the outstanding mortgage on the house. Lets say, you have... Read More

Secrets Your Banker Wont Tell You - Which Loan is Best for You?

Recently I was driving in my Car and I heard an Ad for a Mortgage lender who claimed they would help you find the Best Loan out... Read More

Some of the Available Loan Types

There are many mortgage products available on the market today. We can help you find out which one is right for you. Here are the most common... Read More

Free Home Equity Loan Information

Home equity loan information can sometimes be confusing and misleading. I have written this article to properly explain home equity loans. Basically equity is the difference between... Read More

Home Equity Loans ? Research Your Lender Carefully

Real estate prices are rising across the country, and Americans are tapping into their home equity like never before. Americans took out $431 billion in home equity... Read More

Council Right To Buy Mortgage ? Transform Your Accommodation Into Home

Homeowner - does this term catch your attention every time you hear it? It is a powerful term. It is hard being a tenant for long. Eventually... Read More

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.Perhaps a lender is... Read More

Home Equity Line of Credit - Finding The Best Home Equity Lender

Borrowing against the value of your home using a revolving credit account is known as a home equity line of credit. Lenders offer home equity lines of... Read More

Home Buying ? What Can You Afford?

Okay, you've decided to buy a home and are trying to figure out what you can afford. Before you go home buying, you need to carefully consider... Read More

First Time Home Buyer Loans Made Easy

When it comes to firsttime home buyer loans, a little research can save you thousands of dollars over the life of your mortgage.A wise consumer selects a... Read More

Why You Should Not Get Hung Up on the Interest Rates!!

This is what a mortgage can do for you!AND Why you shouldn't get hung up on the interest rate!Let me show you the bottom line or the... Read More

An Infinity Mortgage?

Here in Spain the concept of a mortgage period of 20 or 25 years is something new. The general feeling by the banks is that want their... Read More

How to Secure the Best Mortgage Deal and Save Yourself Thousands in Interest

When you consider that the average home owner will pay out far more in interest over the lifetime of their mortgage than their home actually cost in... Read More

A Simple Way to Save Thousands on Your Mortgage Charges

How many times do you check you restaurant bill? If not often, I would advise you to do it more, especially when dining on your overseas vacations.... Read More

Bankruptcy and Buying a Home

Filing bankruptcy is a stressful time in a person's life. Along with discharging your debts and gaining a fresh start, you may wonder if you will be... Read More

First Time Buyers Fail To Shop Around

Almost two thirds of first time buyers accept the first mortgage they are offered and fail to shop around, often missing out on better deals.Many first time... Read More

Florida Refinance - Refinancing in Florida

The decision to buy a home in Florida can be one of the best you will ever make. If you own a home in Florida you may... Read More

Escrow Accounts, Do You Absolutely Need One?

With escrow accounts the money for your home insurance and property tax is added to your monthly mortgage payment and is paid out each year. With that... Read More

Secured Loans For Home Improvement ? When You Can?t Buy A Luxury Home

A house is just perfect with chipped walls and broken taps. Is it? If you don't think so, then home improvement loans is what you should be... Read More

Using a Home Mortgage Calculator

There are a variety of tools online that you can use to determine how much you can afford to pay for a home, how much the monthly... Read More

What is a Homeowner Loan?

If you are a homeowner, it couldn't be easier to apply for a Homeowner or Secured loan.Secured loans - i.e. where your home is used as security... Read More

Home Mortgage Rate Shopping - Why Some Shoppers Give Up And Others Dont

About 29% of current homeowners and a much larger percent of consumers with income levels above $50,000 feel it best to stay as far away from offers... Read More

Reverse Mortgages: Information You Need to Know

Reverse Mortgages are exploding in popularity and as the baby boomers reach age 62 and beyond they will become eligible to cash in on their home equity... Read More

Total Cost Of Credit vs Monthly Payments

I read a press release the other day which points to the fact we need to be very careful with our finances. The subject of the release... Read More

Buy to Let Mortgages

Finding the right buy to let mortgage is crucial to your success as a property investor. Unlike other forms of property investment, a lot of the capital... Read More