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2010-07-14 16:49:17
Foreclosure Scams- BEWARE!

People in foreclosure are vulnerable. Think twice before embarking on
a plan and think very long and hard before signing anything. The
following statements in bold are common statements heard over the years
by those in foreclosure.


1. We'll save your credit. Pay us a fee and sign the house
...
over to us. The foreclosure will be recorded against us, not you.
The foreclosure will be reported against the borrowers on the note and
possibly against others on the property title, not anyone else.
2. We'll give you some money, just sign the house over, we'll
cure the default
There really isn't a problem with it, IF you know how
much equity you are selling and IF the purchaser really
will cure the default and IF the purchaser will really
make the payments and IF you want to still be
responsible for the loan. Too many IFs to be able to
say this is either a good or bad option, just be careful with it.
3. We'll buy the property, lease it to you, you have the
option to buy it back.
It might have happened, but the reality is, to buy it back you'll need a
new loan that's larger than the loan you have with an interest rate
greater than what you currently have. The payments will be higher and
it's going to be very difficult to qualify. Explore a small hard money
loan if you have the equity or consider an open market sale, you'll
probably end up with more money in your pocket.
4. We'll get you a new loan and solve all these difficulties.


Every time you refinance, unless you are paying fees out of pocket, your
loan balance is going up which is using up your equity. Lenders can
make a lot of money churning loans, you need to consider total loan
amounts also, not just the monthly payments. Try to solve the problem,
not just extend the time frame.



5. Stop Foreclosure with Bankruptcy
Bankruptcy does NOT STOP foreclosure. It puts a hold on
foreclosure which can allow you time to reorganize your finances
possibly allowing you to stop foreclosure. Every area has reputable
attorneys who handle bankruptcies. Spend the time to find one and spend
the time to know what you have to do and when. Mistakes, like missing
filing dates, can cause things to get very bad very fast. Do you want it
done right, or do you want it cheap?

 
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2011-01-10 14:11:18
Updated Utah Foreclosure Information

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Mother-to-Be Financing Information

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