Don't let anyone steal your home from you. As soon as you get a Notice of Default because you fall behind your mortgage payments a lot of scams will approach you.
Call My Home Guardian - A Phone Call Away Los Angeles Based Foreclosure Therapist that can give you an advicehow to save your home, your credit and your dignity.
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If anyone offers you anything mentioned bellow please run.
The "Sale-Leaseback" Scheme |
This is an "easy deal". Pirate gets you to deed you the house for little or no money, with the promise that you can stay in his home and then buy it back in one year. You get to keep your house and your embarrassing secret to yourself. Sound great? There's only one problem. Your new rent is higher than your old mortgage, which you couldn't afford to make. That's not a problem for the investor... because when tyou miss your first months rent, the investor simply evicts you and then sells the house. Easy money, isn't it great? Not only is it unethical, but it is also illegal in just about every state. |
The "Predatory Lender" Scheme |
Next in line we have the dirty lenders. They love to offer loans to folks who they know have no ability to make a single payment. As long as they have equity, they will strip you dry in exuberant loan fees, usurious interest rates and unconscionable prepayment penalties. Although new laws have been passed to prohibit Predatory Lending (see below) practices, it is not hard to find someone willing to loan an owner in default money. You can't resist all the money up front, and then they get to own the house and sell it for a big profit. They make money coming and going. They make me sick. |
The "I Stop Foreclosure" (or "Loss Mitigation") Scheme |
Pirate offers to help you keep their home for a fee they collect up front. They call your lenders on your behalf and magically get the lenders to do a "loan modification" or "workout plan" so you can keep your home. They get paid regardless if they actually get the lender to do the workout with the owner or not.
FYI- If you are in California, CC2945 requires anyone who collects a fee for services from a defaulted owner, to have a Real Estate License and a Surety Bond equal to twice the value of the house. |
The "List and Sell or I'll Buy Your House" Scheme |
This one great idea is being sold to real estate agents and brokers. They go for a listing presentation to an owner in default, whose auction is 60 days away. Agent signs a listing agreement and offer them a "guarantee to sell your house, or I'll buy it". Sounds great for the owner? Now here's the kicker. Agent doesn't sell the house and they offer to buy it for substantially less than the list price. Hmm. Did the agent REALLY try to sell your house? Or did the agent price the house high, knowing it wouldn't sell, so they can come in and buy it? What was their interest - In getting the house sold, or buying it? |
The "Bait and Switch Bully" Scheme |
This one is all about timing. A pirate shows up at the end of the foreclosure process, promising you top dollar to buy your house. It sounds too good to be true, but you fall for it. They drag their escrow on until the very last minute before the auction. Then they hit you with the news. Their original offer was too high; they must pay a lot less for the house. They've got you cornered with no where to go. You have to accept their offer, or lose the house to auction. They add to that some fear statements like "and the Sheriff is going to be here in just a few days to throw you out". Of course, that is not true. But you don't know the foreclosure laws . Easy money strikes again. |
The "Hide it in the Contract" Scheme |
This one is similar to the "Bait and Switch" Scheme, but instead of waiting until the end to renegotiate your deal, a pirate simply hide their true intentions in their contract. Their contract is big and fat and you have no idea what you are signing. Nor do you have the resources to go to an attorney for legal advice. At close of escrow you realized all those "repair deductions" a pirate had built into the contract ended up being way more than he had expected. But now he has no time to verify or negotiate these line items. You are stuck, having to close or lose your house to the auction. What sounded like a great offer, ended up giving you practically nothing for your equity. All they need is the "secret contracts" for this one. |
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