FAQ's Foreclosure

 

I Have Heard Of Foreclosure Scams, What Should I Look For?

 

Unfortunately there are quite a few people that might try and take advantage of your temporary misfortune. These people will try and convince you that they can provide a quick and easy solution to your mortgage problem. As a general rule, if it seems too good to be true, it usually is.

 

Here are a few examples of the scams you could encounter:

You need to sell your property fast or you will be ruined.

If you have equity, these guys want it by providing fast cash they solve your problem and they get your equity. On occasion they offer a small amount of money to you – which is normally a signal they are getting lots of your equity.

Sign the deed to the property to us and we will take care of everything.

Sometimes called the “Bailout” scam, the investor tells the homeowner that he will be allowed to stay in the home and pay “rent” to the investor until a long term solution can be worked out. Once the owner signs the deed to the property over to the investor, big trouble usually follows. If the investor has the deed, the investor has control.

Here is the big kicker – the homeowner who signed over the deed is still responsible for the loan. The investor nearly never makes the mortgage payments and the homeowner gets hit with the foreclosure.

For a consulting fee I will work with your lender to find a solution.

It is almost always illegal in the state of Arizona for anyone, besides an attorney, to collect a fee as payment for making arrangements with your lender.

Your lender will work with you directly if you want to make arrangements to make up past payments and keep your property. This would normally involve a Forbearance Agreement.

 

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