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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.
Foreclosure Loans News
Sue Your Lender, Save Your Home - Housing Watch
 ABC News | Sue Your Lender, Save Your Home Housing Watch Keough says her 7-bedroom, 9-bath Coto de Caza home (left) finally has been saved from foreclosure through a loan modification. But it wasn't easy, ... Obama Overstates Loan Modifications, Republicans Say Townhall Meeting to Raise Homeowners' Concerns Against Practices of Banks in ... For millions of homeowners, hope isn't exactly now |
State sets foreclosure rules - News & Observer
State sets foreclosure rules News & Observer The rules do not apply to banks or savings and loans. Community banks and other state-chartered bankshaven't been a problem on the foreclosure front, ... Leveling Foreclosures Bad News for Debt Consolidation Companies? Real action needed on foreclosure problem |
New Land strikes back in foreclosure dispute, claiming 'bad faith' by bank - Milwaukee Journal Sentinel
New Land strikes back in foreclosure dispute, claiming 'bad faith' by bank Milwaukee Journal Sentinel Madison-based AnchorBank filed its foreclosure suit in January, claiming Gokhman and Shuk defaulted on loans totaling about $15 million. ... |
One family's nightmare struggle - MarketWatch
One family's nightmare struggle MarketWatch ... a Kafkaesque loan-modification process; indifferent or even hostile lenders. In 2009, 2.8 million homeowners lost their properties in foreclosure, ... Mortgage-modification program has major flaws |
Bad loans hit new high in February - Inman.com
 MyBankTracker.com | Bad loans hit new high in February Inman.com The report also showed that loan servicers are waiting longer to foreclose on delinquent loans. Nearly 23 percent of loans delinquent for 12 months have not ... Lender Processing Services' February 2010 Mortgage Monitor Report Shows Pace ... Mortgage Delinquencies at Historic Highs Despite a Lower Rate of Delinquency |