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Foreclosure Bailout Loans: Scam or Genuine?
from:Of the many options facing people who are dealing with a potential foreclosure of their home, most will eventually hear about foreclosure bailout loans. These types of loans are provided by private investors who will charge high interest rates and provide the necessary cash to forestall a foreclosure. In exchange, they may buyout the mortgage at a loan to value ration of between 65 to 75% and lease the property back to the owner of the home for a period of time. Eventually, the investor returns the property back to the person in the home. These foreclosure bailout loans are supposed to work more like second mortgages, where the tenant remains the owner of the home. However, sometimes unscrupulous people end up owning the home instead. While there are genuine investors who know how to use this as a last-chance tool to save a home, there are many more scam artists who come into a home pretending to offer genuine foreclosure bailout loans when they are just trying to get the deed to your home. You have to be very careful when signing any documents with anyone claiming to be offering foreclosure bailout loans. Some states, like Florida, have even put legislation in place that clearly suggests that despite wording in documents, any bailout offers with a lease option are similar to mortgages where the current resident retains ownership of the home. This has kept people from being evicted from a home they thought they owned after going through foreclosure bailout loans programs.
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Experts: Md. foreclosure programs prolong crisis - Washington Examiner
Experts: Md. foreclosure programs prolong crisis Washington Examiner States without loan modifications, like Va., are showing rebounds while Maryland's efforts to help cash-strapped homeowners avoid foreclosure are prolonging the housing crisis, according to housing experts. (Examiner file photo) Maryland's efforts to ... |
Foreclosure-prevention efforts bog down - Kansas City Star
Foreclosure-prevention efforts bog down Kansas City Star Large banks are pushing back against a Harris proposal to give homeowners the right to sue when not all required steps in foreclosure actions are taken. They also oppose a requirement that they delay foreclosures when borrowers have asked for a loan ... |
Texas firm targets homeowners with foreclosed 2nd mortgages - News10.net
 News10.net | Texas firm targets homeowners with foreclosed 2nd mortgages News10.net Heritage Pacific launched its effort in late 2008 when it began buying - at a steep discount - second-mortgage loans that borrowers had stopped paying. Many of the loans were secured by houses that already had been sold in foreclosure by first-mortgage ... |
Allocation of Mortgage Settlement Funds - LoanSafe
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CredAbility Supports HUD Studies on Housing Counseling - MarketWatch (press release)
CredAbility Supports HUD Studies on Housing Counseling MarketWatch (press release) "These results demonstrate how a nonprofit housing counselor can help a homeowner, whether it's someone buying their first home or a person who wants to stay in their current home and avoid foreclosure," said Phil Baldwin, chief executive officer of ... |