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Foreclosure ScamsSolutions that sound too simple or too good to be true usually are. If you're selling your home without professional guidance, beware of buyers who try to rush you through the process. Unfortunately, there are people who may try to take advantage of your financial difficulty. Be especially alert to the following: Equity skimming. In this type of scam, a "buyer" approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The "buyer" may suggest that you move out quickly and deed the property to him. The "buyer" then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose. Remember, signing over your deed to someone else does not necessarily relieve you of your obligation on your loan. Phony counseling agencies. Some groups calling themselves "counseling agencies" may approach you and offer to perform certain services for a fee. These could well be services you could do for yourself for free, such as negotiating a new payment plan with your lender, or pursuing a pre-foreclosure sale. |
If you have any doubt about paying for such services, contact us. We are here to assist you with your options. Contact us before you pay anyone or sign anything. Below are several precautions that should help you avoid being "taken" by a scam artist: Don't sign any papers you don't fully understand. Make sure you get all "promises" in writing. Beware of any contract of sale or loan assumption where you are not formally released from liability for your mortgage debt. Check with a lawyer, your mortgage company, realtor, or any professional that you trust before entering into any deal involving your home. If you're selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer. You can contact your state's Attorney General, the State Real Estate Commission, or the local District Attorney's Consumer Fraud Unit for this type of information. Contact us to refer you to a real estate professional experienced in distress situations. |
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DISCLAIMER: Legal information is not the same as legal advice! The information on the ShavedLizard.com Web Site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal advice. As such, the information presented here should not be used as a substitute for consultation with a professional legal or other competent adviser. While we have made every attempt to ensure that the information contained on this Web Site has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of this information. |