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Buyer Beware: Foreclosure Buy Back Mortgage Loans
from:One of the biggest scams out there that a person involved in foreclosures might encounter is the foreclosure buy back mortgage loans. To be clear, there are some honest investors that offer this option too, but it is definitely a case of buyer beware. You have to be certain you understand the terms of the buy back agreement so that you really do have an option to buy back the property as you assume is the case. Otherwise, the foreclosure buy back mortgage loans offered by some unscrupulous investors can be used to divest you of the home or place you in further debt.
The game starts when a person finds themselves in the foreclosure process. They are often targeted by reputable as well as dishonest investors trying to make a buck off of your predicament. While the honest investor might offer genuine foreclosure buy back mortgage loans, what the dishonest one will do is tell you one thing and have you sign something else entirely. So, be sure to pass any papers you sign by your own attorney if you are considering such a deal.
In the case of foreclosure buy back mortgage loans, you are generally required to sign the deed to your home over to the investor. In return, they might promise to pay off the outstanding balance and allow you to rent the property from them while you get back on your feet. The problem is that once you sign the deed over, you've lost the house and the odds of you buying it back are pretty slim. They might have very restrictive terms that make it impossible for you to buy back the property or you have to buy it back for far more than you sold it to the investor for by allowing them to pay off your account. Also, there are dishonest investors that might not pay it back and just use the remaining equity in the house with the deed to go out and get more financing for other deals, leaving you with the bill – if you remain listed as the owner of the house. Either way, the results of such deals are typically that the home owner is evicted, they are fleeced, or they end up buying back the property at a premium. If they really want that particular house and can find a reputable investor, then it might pay for them to do this deal, but it should be investigated thoroughly. You should have your own lawyer present throughout the deal to review documentation and make sure your interests are being met.
Foreclosure Loans In Mn News
BRIEF: Brooklyn Park Man's Mortgage Scam Conviction Reversed - LoanSafe
BRIEF: Brooklyn Park Man's Mortgage Scam Conviction Reversed LoanSafe (Source: Emily Gurnon Pioneer Press, St. Paul, Minn. (MCT) — The Minnesota Supreme Court has overturned the conviction of a Brooklyn Park loan officer who was sentenced to 10 years in prison for his alleged involvement in a mortgage loan scam. |
Monique Acosta, California Foreclosure Victim, Found Guilty Of Vandalizing Home - Huffington Post
Monique Acosta, California Foreclosure Victim, Found Guilty Of Vandalizing Home Huffington Post Recently in Minnesota, prospective home owners found the words, "Take my house [expletive]… only going to get worse," scribbled on the garage of the house they were about to close on. Still, it's not only evicted homeowners that vandalize foreclosed ... |
Brooklyn Park man's mortgage scam conviction reversed - Pioneer Press
Brooklyn Park man's mortgage scam conviction reversed Pioneer Press By Emily Gurnon The Minnesota Supreme Court has overturned the conviction of a Brooklyn Park loan officer who was sentenced to 10 years in prison for his alleged involvement in a mortgage loan scam. Marlon Pratt, 37, was convicted in 2009 on two counts ... |
Tornado And Foreclosure Double Whammy For Minneapolis Homeowner - The UpTake
Tornado And Foreclosure Double Whammy For Minneapolis Homeowner The UpTake There was not a lot TCF would or could disclose, but it did say that Gwendolyn did know she was in foreclosure. The bank also claims it was trying to work with her to modify her loan, but Gwendolyn was not living up to her end of the bargain. |
Student loan debt awaits many UW-Madison grads - WISC Madison
Student loan debt awaits many UW-Madison grads WISC Madison "Student loans will follow you until you pay them off. It's not like other kinds of loans where you can declare foreclosure or bankruptcy." Collins said recent graduates who have jobs should stick to a budget that includes starting to pay off student ... |