A Foreclosure SCAM!
A SCAM IN FIVE STEPS:
1. Paul and Debbie have owned their home for nine years, Paul loses his job and Debbie is a stay at home mom and now face forclosure.
2. Unscrupulous BAD Finance Company says it will pay off the mortgage, cover closing costs, and give Paul and Debbie $20,000.00 in cash, in return for a "quit-claim deed".
3. BAD Finance Company also will let Paul and Debbie stay in the house, paying rent at twice their current mortgage payment, with the promise they can buy the home back later.
4. Paul and Debbie bites, figuring they'll use the $20,000.00 to cover their rent until Paul gets a new job. They deed over the house to BAD Finance Company for about half the home's value of $750,000.00, giving up their equity.
5. In a few months, Paul and Debbie can't pay the new, higher rent, and BAD Finance Company evicts them.
You may think this couldn't happen to you and it probably won't. Just be aware there are not so nice people out there that will try and take advantage of you. Do business with only those you know and trust. A referral from a trusted family member or friend is a good place to start.
1. Paul and Debbie have owned their home for nine years, Paul loses his job and Debbie is a stay at home mom and now face forclosure.
2. Unscrupulous BAD Finance Company says it will pay off the mortgage, cover closing costs, and give Paul and Debbie $20,000.00 in cash, in return for a "quit-claim deed".
3. BAD Finance Company also will let Paul and Debbie stay in the house, paying rent at twice their current mortgage payment, with the promise they can buy the home back later.
4. Paul and Debbie bites, figuring they'll use the $20,000.00 to cover their rent until Paul gets a new job. They deed over the house to BAD Finance Company for about half the home's value of $750,000.00, giving up their equity.
5. In a few months, Paul and Debbie can't pay the new, higher rent, and BAD Finance Company evicts them.
You may think this couldn't happen to you and it probably won't. Just be aware there are not so nice people out there that will try and take advantage of you. Do business with only those you know and trust. A referral from a trusted family member or friend is a good place to start.
Labels: Foreclosure Information
posted by Unknown | 11:34 AM
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