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Bad Credit Loans - How to Get Credit Online
Bad Credit Loans - How to Get Credit Online 24Hourfinance.co.uk is a leading financial portal enabling UK consumers to find and compare loans, credit cards, mortgages, bank accounts and obtain cheap insurance quotes. Consumers can apply for finance...
FHA Home Loan and FHA Home Loans
FHA home loans have basic requirements that must be met before qualifying for an FHA loan. FHA home loan requirements are standards that allow first time homebuyers the opportunities to meet mortgage qualifications. FHA home loans are easier to...
Home Equity Loans - How To Use Your Home's Equity to Consolidate Debt
If you've got a wallet full of credit cards, and monthly payments on them that total more than 25% of your monthly income, chances are that you've considered debt consolidation loans or some other means of taming your credit card debt. But did you...
Many People Have Realized the Convenience and Benefits of Online Personal Loans
The Internet has provided a whole new dimension to obtaining a personal loan. Before lending companies were available on the World Wide Web, people were limited with their loan options and from where they could get a loan. Now there are endless...
Secured Loans Tips
Here are some useful secured loans tips. Secured loans enable most homeowners to borrow capital against the value of their property. A secured loan is where the amount you borrow is secured against the value of your home. This is a loan that's...
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Home Loans and Mortgages – Beware of New “Mortgage Elimination” Scam
The booming real estate market has allowed many Americans to become “equity rich.” They may not have a lot of cash on hand, but they might have equity in their homes worth several hundred thousand dollars or more. Unfortunately, this increase in home wealth has spawned an equally booming business in equity theft, as more and more thieves find increasingly clever ways to con homeowners out of their equity, their homes, or both. One clever new scam involves companies that promise to completely “eliminate” a homeowner’s mortgage. For a fee of a few thousand dollars, these companies claim that a homeowner can have a free and clear title to their home without paying off the remaining debt. How does this scam work?
This scam is a bit more complicated than other scams that often use simple forgery of identity theft. In this “mortgage elimination” scam, the homeowner places his home in a trust with the mortgage elimination company as the trustee. The trustee files a long, tedious, frivolous, letter of complaint with the mortgage company, giving them a mere ten days to respond. Should the mortgage company not respond within ten days, and they frequently do not, the trust claims that they are then free of the mortgage obligation. Using a questionable power of attorney
procedure, the trust then files with the local register of deeds for a release of the home’s title. This makes it appear that the home is now owned without a lien.
The legalities of this range from murky and questionable to outright fraud. It gets even worse when the trustee, claiming clear title to the home, takes out a home equity loan, cashes the check, and promptly disappears. The resulting mess often leaves the original homeowner with a pile of lawsuits, numerous visits from the police and the obligation to pay two mortgages. This scam is currently going on only in certain parts of the country, and isn’t yet widespread. Homeowners can easily avoid being taken by this scam by simply recognizing one simple truth – you cannot simply waive a mortgage obligation away without paying off the loan. Remember, if it sounds too good to be true, it is too good to be true.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
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