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Are You Ready for a Home Mortgage Loan?
Buying a Home and committing to a Mortgage can be very scary! A home mortgage loan is the largest debt that most Americans will take on in their lifetime. As such, making the decision to take out a mortgage is not one that most first time...
Good FICO Credit Score? Tips To Getting The Most Out Of Your Home Mortgage Loan With Good Credit
Sometimes so much is talked about how to solve the problem of having bad credit, but what about when you have an excellent credit rating? Good credit is considered to be a credit score of 650 or higher. How can you get the best interest rate and...
Mortgage Equity Withdrawal - The Refinancing Trend
Mortgage Equity Withdrawal is the formal name for equity refinance, reverse mortgages or simply home loans based on equity (as the security for the loan).
Mortgage Equity Withdrawal rose to 8.7 billion pounds in the second quarter of this year to...
Poor Credit Home Mortgage Loans - The Role of the FICO Score
If you have bad credit history and are looking to get a home mortgage loan, then chances are you are going to need to know all about how the FICO credit scoring system works. FICO – Fair ISAAC & Company – is the leading credit reporting agency that...
Think You Can’t Get a Mortgage?
You've finally found that dream home that you have always been searching for, but you are afraid to apply for a mortgage because you have bad credit or less than perfect credit.
Before you give up entirely, there are many mortgage programs that...
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Home Loans and Mortgages – Beware of Deed Theft Scam
The average home in the United States has a value of $206,000, a record amount. Real estate prices have been rising throughout the country during the last five years, and homeowners have seen the value of their property skyrocket. In California alone, the equity in private homes has increased by more than one trillion dollars in the last five years alone. Many homeowners do not even realize that their home may be worth hundreds of thousands of dollars more than they know. Unfortunately for them, a new breed of thieves is well aware of the value of home equity, and a scam known as “deed theft” has allowed them to steal homes from thousands of people.
Deed theft is simple in principle. The perpetrators of deed theft post flyers around town offering “foreclosure help.” They seek homeowners with mortgages who may be experiencing some temporary financial setback that threatens them with foreclosure. It’s not uncommon for people who have been living in their homes for years to have a sudden financial emergency that prevents them from making their house payments. Perhaps a job loss or illness is to blame. The economic downturn of the last five years has left a lot of people struggling to pay their bills, and these are the people that the deed thieves seek. Their flyers promise to help those in danger of having their homes taken through foreclosure. The thieves meet with the homeowners and ask to have the title to the home transferred to them. In exchange, the “rescuer” will promise to pay the delinquent bills and rent the home to the victim for a year or so at a fair price. During this time, they say, the homeowner can save their money or pay off other bills. At the end of that year,
the victim can buy the house back from the “rescuer.”
This seems like a friendly gesture, except that the “rescuer” has no intention of selling the home back to the victim. Once the title is signed over to them, they legally own the home. They may evict the victim, sell the home, or borrow against it, and there is little recourse for the victim, who is now nothing more than a squatter. Many of these victims fail to realize that they may have had hundreds of thousands of dollars in equity in their home or that their mortgage company may have been willing to either refinance their home or assist them in some other way with making their payments, perhaps by assisting them with to debt consolidation.
This scam is currently popular across the country and homeowners could easily avoid being victimized by simply calling their mortgage company at the first sign of financial struggle. Mortgage companies aren’t really interested in foreclosure; they’d much rather get paid if at all possible. Before accepting the “help” of strangers who post signs on streetcorners, homeowners should start by asking help from those with whom they are already doing business. Doing so could not only save the homeowner money, it could save the homeowner’s house.
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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