Consumer advocates and legal experts are advising homeowners to watch out for scams as foreclosure rates shoot through the roof. One popular scam is the offer to help a troubled homeowner get a new mortgage, and at a closing, trick the homeowner into sign away the deed to the property.
They are right I would suggest that people look on their mortgage statements on the back, as they list all the correct lenders you should deal with if you are facing foreclosure. They have HUD available to help you many places on the statement are free of charge, why pay these guys to take your home when you can deal directly with the lenders.
I have a friend who is making a mint scamming people as we speak. It is really a shame but people are really just plain stupid, if they are willing to hand over their homes to these scammers. My Dad would not listen to me I am a mortgage processor, but he believed these guys were going to help him, he signed his house over his life savings in June 2008 today he his homeless in NC. He lost everything these guys came in and had him sign documents and he did what ever they said.
Here are a few red flags:
They will not have a website
They may have a building and office but you will not find the business registered in any gov register because they are not paying taxes in the first place, they also may have just put up their foreclosure sign on the building.
They will deal only in cash or money orders
They tend to change their names often ie. one day the guys name could be Ross Johnson next week he is now Dr. Luther Bean or something.
They also put up a lot of flyers and even do seminars saying they will help you, and they will always ask you for cash because they do not deal with banks, as long as you have cash and dont mind losing your home they will help you.
They will have you personally sign off on documents saying they will file them with the courts for you
They will also ask you for monthly fees up to around 2,000 or so.
They will tell you not to pay any mortgage or bills just pay them the cash
They will tell you they can purchase your home for cash once the bank forecloses on you 2 to 3 years later.
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81 days ago by Amit Sharma [