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The scam artist tells you that he can negotiate a deal with your lender to save your house if you pay a fee first. You may be told not to contact your lender, lawyer, or credit counselor, and to let the scam artist handle all the details. Once you pay the fee, the scam artist takes off with your money.
You think you’re signing documents for a new loan to make your existing mortgage current. This is a trick: you’ve signed documents that surrender the title of your house to the scam artist in exchange for a “rescue” loan.
You’re told to surrender the title as part of a deal that allows you to remain in your home as a renter, and to buy it back during the next few years. You may be told that surrendering the title will permit a borrower with a better credit rating to secure new financing – and prevent the loss of the home.
The scam artist may promise to negotiate with your lender or to get refinancing on your behalf if you pay a fee up front. Instead of contacting your lender or refinancing your loan, though, the scam artist pockets the fee and files a bankruptcy case in your name – sometimes without your knowledge.
If you’re having trouble paying your mortgage or you have gotten a foreclosure notice, contact your lender immediately. You may be able to negotiate a new repayment schedule. Remember that lenders generally don’t want to foreclose; it costs them money.
If you’re looking for foreclosure prevention help, avoid any business that: guarantees to stop the foreclosure process – no matter what your circumstances; instructs you not to contact your lender, lawyer, or credit or housing counselor.
There are two possible consequences you must consider: Taxable cancellation of debt income.(Note: As stated above, cancellation of debt income is not taxable in the case of non-recourse loans.)
Losses from the sale or foreclosure of personal property are not deductible.
The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.
The three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.
Only one website is authorized to fill orders for the free annual credit report you are entitled to under law — annualcreditreport.com. Other websites that claim to offer “free credit reports", “free credit scores,” or “free credit monitoring” are not part of the legally mandated free annual credit report program.
Your credit report has information that affects whether you can get a loan — and how much you will have to pay to borrow money.
5 Signs of a Mortgage Rescue Scam: Promises to Stop a Foreclosure or Modify Your Loan. Guarantees Your Home Will be Saved 97% Success Rate. Requires Fees in Advance.
The possibility of losing your home because you can’t make the mortgage payments can be terrifying. Perhaps you’re having trouble making ends meet because you or a family member lost a job, or you’re having other financial problems.
Do you know what kind of mortgage you have? Do you know whether your payments are going to increase? If you can’t tell by reading the mortgage documents you received at settlement, contact your loan servicer and ask. A loan servicer is responsible for collecting your monthly loan payments and crediting your account.
If you are having trouble making your payments, contact your loan servicer to discuss your options as early as you can. The longer you wait to call, the fewer options you will have.
If you have fallen behind on your payments, consider discussing the following foreclosure prevention options with your loan servicer: Reinstatement: You pay the loan servicer the entire past-due amount, plus any late fees or penalties, by a date you both agree to.
Before you have any conversation with your loan servicer, prepare. Record your income and expenses, and calculate the equity in your home. To calculate the equity, estimate the market value less the balance of your first and any second mortgage or home equity loan.
You don’t have to go through the foreclosure prevention process alone. A counselor with a housing counseling agency can assess your situation, answer your questions, go over your options, prioritize your debts, and help you prepare for discussions with your loan servicer. Housing counseling services usually are free or low cost.
Not every situation can be resolved through your loan servicer’s foreclosure prevention programs. If you’re not able to keep your home, or if you don’t want to keep it, consider alternatives.
Scam artists follow the headlines, and know there are homeowners falling behind in their mortgage payments or at risk for foreclosure. Their pitches may sound like a way for you to get out from under, but their intentions are as far from honorable as they can be. They mean to take your money.
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
The Department of Veterans Affairs (VA) acquires properties as a result of foreclosures on VA-guaranteed and VA-financed loans. These acquired properties are marketed for sale through a property management services contract that was awarded to Countrywide Home Loans.
If you don't pay your mortgage, foreclosure may occur. This means your lender can legally repossess (take over) your home. When this happens, you must move out of your house.
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.
You may have to pay expenses such as recording fees for a loan modification. Because every situation is different, contact your lender for more information.
HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.
Real estate investors are working overtime right now trying to cherrypick as many profitable deals as they can get their hands on. Most investors concentrate the majority of their time on finding motivated sellers.
There are several ways to search for foreclosed homes, but the free way is to use the government agencies like, HUD, IRS, SBA and the VA. The first place to start looking is the Housing and Urban Development (HUD) site.
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There are several ways to search for foreclosed homes, but the free way is to use the government agencies like, HUD, IRS, SBA and the VA. The first place to start looking is the Housing and Urban Development (HUD) site.
The foreclosure process, basically speaking, is the steps through which your bank or lender repose your property.
Foreclosures can be lucrative on your part if you just know how to find a great deal. Finding great foreclosure deals may sound to be a difficult thing to do but it is actually not if and only if you are aware of how you can get those deals instantly.
Homeowners who are having difficulty meeting their mortgage payments are looking towards mortgage loan modification programs for help. But many are on confused about which loan modification program is right for them and what they can qualify for.
Real estate investors are working overtime right now trying to cherrypick as many profitable deals as they can get their hands on. Most investors concentrate the majority of their time on finding motivated sellers.
If you’ve charged too much on credit cards or are paying less toward your debts than you should, you’re not alone. A lot of people are in this situation.
HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.
You may have to pay expenses such as recording fees for a loan modification. Because every situation is different, contact your lender for more information.
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.
Look at your monthly mortgage coupons or billing statements for the lender's name and contact information. You should also know what kind of mortgage you have. Look on the original mortgage documents or call your mortgage lender.
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Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record.
If you are unable to pay - or haven’t paid - your mortgage, contact your lender or the company that collects your mortgage payment as soon as possible.
Have a knowledgeable friend, relative, attorney, or housing counselor review the Good Faith Estimate and other loan papers before you sign the loan contract. Be sure the terms are the same ones you agreed to.
HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure.
You don’t have to go through the foreclosure prevention process alone. A counselor with a housing counseling agency can assess your situation, answer your questions, go over your options, prioritize your debts, and help you prepare for discussions with your loan servicer. Housing counseling services usually are free or low cost.
If you’ve charged too much on credit cards or are paying less toward your debts than you should, you’re not alone. A lot of people are in this situation.
Not always. There are some exceptions. The most common situations when cancellation of debt income is not taxable involve: Bankruptcy: Debts discharged through bankruptcy are not considered taxable income.
Get copies of your credit report--then make sure the information is correct. Understand how your credit score is determined.
The foreclosure process, basically speaking, is the steps through which your bank or lender repose your property.
The Department of Veterans Affairs (VA) acquires properties as a result of foreclosures on VA-guaranteed and VA-financed loans. These acquired properties are marketed for sale through a property management services contract that was awarded to Countrywide Home Loans.