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Because of the rise in foreclosure cases, frauds have seen a new opportunity to make money. Preventing foreclosure may be legitimate, some companies are simple scheming to take money for distressed homeowners. These companies promise to save distressed owners from foreclosure but they just collect money from homeowners and deliver no service at all. Spare yourself from being cheated by knowing about the different mortgage schemes that fraudsters employ:

• Deed transfer – the scammers fool homeowners into signing seemingly harmless documents that are actually for transfer of their property to the foreclosure rescue company. One variation of this scheme is that the homeowner is made to sign documents for acquiring a new loan. What the homeowners do not know is that they are already signing over their ownership of the property to these frauds.Another variation is the renter approach. Fraudsters persuade homeowners to sell their property to the rescue company and remain in the house as a renter. After a few years of paying rent, the homeowner will eventually be able to purchase the property back. However, the purchase terms in the contract are almost impossible to meet that the homeowner ends up losing the property to the fraud. In some cases, once the homeowner signs the documents, they are instantly evicted from their property.

• Bogus companies volunteer to help homeowners in negotiating with finance companies in exchange for a certain amount. They will seek help from these finance companies to assist the homeowner through loan modification. However, these frauds do not conduct any negotiations at all. Before homeowners know it, they would have already received notice of foreclosure from their lender. Preventing foreclosure is certainly a situation where you want to take a proactive approach and NOT wait for a the lender to take away your home.

Additionally, homeowners threatened by foreclosure, be critical about seeking help. Make sure you do it with the right people. You can ask assistance from the state Attorney General Offices. Working with an attorney guarantees that you are working with people who will actually save your property rather than steal them from you.

Source: Leticia Carvalho

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The Department of the Treasury is just days away from announcing their new plans for short sales.  Obama’s  Housing Rescue Plan has focused primarily on loan modifications and with less than 12% of eligible borrowers recieving loan mods thus far, the current plan has been a dismal failure.  These disappointing results have forced Washington into looking at short sales as a better way to curb the still declining nationwide real estate values.

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Weary homeowners finding it tough to qualify for federally sponsored mortgage assistance programs are increasingly contemplating whether or not to consider the short sales route instead. While short sales have certainly assisted many homeowners in resolving their debt burdens, there are pros and cons to consider. Below are 8 of the most critical questions to answer before deciding whether to short sale your home or not…

It is important for you to know that you need to look at all other options before considering a short sale solution. There are legal and tax consequences that you should know so I recommend to contact your legal & tax professional to find out more.

1. Can you afford to keep your current home? Is your current economic situation a question or weeks or months/years? Depending upon your specific situation you may be able to delay or make partial payments for a few months by contacting your current mortgage service department. On the other hand, if you have been permanently downsized, disabled or are facing other longer term economic problems, it is a good idea to grapple with reality sooner rather than later; by addressing the problem early you have more choices.

2. Do you want to keep your current home? Sometimes situations change. Marital status, children leaving home (or coming home), job change, health or other events make a once desirable home little more than an ongoing headache. Evaluate your present property to make sure it is still a good fit before deciding whether to keep it or sell.

3. Can you handle your other debt obligations? Short sales are often a great alternative to those seeking to avoid bankruptcy or planning to restructure their debt obligations. On the other hand if you have already filed bankruptcy,  please understand that your lender will still need to foreclose in order to gain legal title to the home.

4. Do you owe more on the home than it is worth? Unfortunately, declining real estate values combined with variable interest rate loans, teaser loans or other hybrid mortgages have created a situation where many homeowners now owe more than the current market value of the home. In many cases, tens of thousands of dollars more. Make it a priority to determine whether it is worth the long term cost of paying down a high mortgage or saving for retirement, college and other expenses for the family.

5. Are you unable to refinance or gain more favorable terms? Not only have home values plummeted in many parts of the nation but rising unemployment rates, tighter lending standards and higher debt to income ratios caused by re-setting interest rates on ARMS have resulted in the perfect debt storm. Homeowners are increasingly unable to obtain favorable refinance terms.

6. Do you desire a relatively fast sale? Due to the downturn in the economy and backlog of existing home sales, there is a large inventory of homes on the market. Those that seriously wish to sell must price right and work aggressively to position their home for a fast sale. Many short sale investors are already pre-qualified and able to purchase the property as soon as the bank approves the offer. While a short sale isn’t “instant” (45-90 days), they are generally much faster than the current sales period for a regular MLS listing (6 to 12 months).

7. Do you want to avoid fixing the property in anticipation of a sale? Few things are worse than being forced to spend money in order to sell a property below the price you originally paid. Short sale investors routinely purchase properties in “as is” condition saving you the time and money required to put the property up for sale in the traditional manner.

8. Last, but not certainly the least, take action and fight against any lender  threatening to foreclose on you. DO NOT wait and hope a foreclosure won’t happen because they will foreclose.  The best thing to do is to decide look at all options and choose the  the option best for you.

I hope this article was helpful for you if you’re facing foreclosure. I know that its not an easy thing to deal with trust me I know because I’ve been there before. I know how it feels, but I took action against it. There is life after dealing with things like this and I can help those interested in getting help.

Enjoy your day…

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Written by my network partner – Tom Farwell

I have never kept a running count of how many homeowners that I have spoken with, but I guess it could be around a thousand. Imagine that, having conversations with a thousand homeowners in foreclosure.

One of the weirdest things for the average homeowner, who is looking to sell as a short sale, is the fact that the foreclosing lender actually becomes the seller. It is this lender or lenders that decide how much the house is worth, how much they’ll allow for closing costs, how much they’ll allow for seller paid concessions, and finally how much they will accept as a net.

I understand the home owner’s confusion on this topic, because often I’ll get a statement from the homeowner like: “Send me an offer and I’ll think about it,” or “How much will you pay for it?” Of course, neither statement is all that relative.

Even if the lender has previously determined a short sale net that they will take, it doesn’t mean that the lender would not take a lesser amount from a different offer. For example, with the average short sale requiring about 90 days or so, I’ve seen lenders accept a short sale offer and then the buyer “walks” before the closing. Then as time creeps on, I’ve seen these same lenders accept a lesser amount than what was originally crafted. The lenders do this because they believe this offer is still better that what figure is predicted as their net in an REO sale.

So if there is a bottom line to this, it’s that the lender is the “actual” seller and even they can change their minds as to exactly what net they will take.

This article was created by my network partner Tom Farwell. Visit his website at http://www.missshortsaleexpert.com/

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