Home Loans and Mortgages – Beware of Deed Theft ScamWritten by Charles Essmeier
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 delinquent bills and rent home to victim for a year or so at a fair price. During this time, they say, homeowner can save their money or pay off other bills. At end of that year, victim can buy house back from “rescuer.”
This seems like a friendly gesture, except that “rescuer” has no intention of selling home back to victim. Once title is signed over to them, they legally own home. They may evict victim, sell home, or borrow against it, and there is little recourse for 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 country and homeowners could easily avoid being victimized by simply calling their mortgage company at 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 “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 homeowner money, it could save homeowner’s house.
©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.
| | Home Loans and Mortgages – Beware of New “Mortgage Elimination” ScamWritten by Charles Essmeier
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Should mortgage company not respond within ten days, and they frequently do not, trust claims that they are then free of mortgage obligation. Using a questionable power of attorney procedure, trust then files with local register of deeds for a release of home’s title. This makes it appear that home is now owned without a lien.
The legalities of this range from murky and questionable to outright fraud. It gets even worse when trustee, claiming clear title to home, takes out a home equity loan, cashes check, and promptly disappears. The resulting mess often leaves original homeowner with a pile of lawsuits, numerous visits from police and obligation to pay two mortgages. This scam is currently going on only in certain parts of 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 loan. Remember, if it sounds too good to be true, it is too good to be true.
©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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