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Jewish World Review May 1, 2007 / 13 Iyar, 5767 Reasons to beware of ‘We Buy Homes’ By Vicki Lee Parker
http://www.JewishWorldReview.com | (MCT)
The great American dream is quickly becoming the great American scam. With so many homeowners forced into foreclosure last year, and just as many expected this year, the number of people willing to swindle consumers out of their homes is also on the rise.
However, the sales price or monthly payments are typically inflated, making it impossible for you to buy the home back. Eventually, the property is forfeited and the new owner sells the home at market value and pockets the equity.
In some cases, homeowners believe their lender has been paid — but don't get proof before handing over deed.
But the homeowners are still liable for the mortgage, because you have merely signed over the deed, not sold the home. The scammer rents the home to a tenant with an option to buy — pocketing any down payment and rent - but never making a mortgage payment. Eventually the lender notifies you that it is foreclosing on the property. The deed holder walks away with no liability.
Most foreclosure scammers identify their victims by watching for property that has been listed for sale in court. They approach the homeowner with offers to help. Other scammers are contacted by potential victims who have seen a flier advertising "foreclosure rescue."
So if you're a homeowner in financial trouble, thoroughly check out any organization before doing business with it. Here are some other tips:
Just remember: There is no shame in needing — or getting — help.
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Vicki Lee Parker is a columnist for The News & Observer. Comment by clicking here.
Previously:
Too wise to fall for a scam © 2007, The News & Observer Distributed by McClatchy-Tribune Information Services |
Mitch Albom | |||||||||||
