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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 Prevention Loans Lenders News
Fannie, Freddie are set to reduce mortgage balances in California
The mortgage giants sign on to Keep Your Home California, a $2-billion foreclosure prevention program, after state drops a requirement that lenders match taxpayer funds used for principal reductions. As California pushes to get more homeowners into a $2-billion foreclosure prevention program, some Fannie Mae and Freddie Mac borrowers may see their mortgages shrunk through principal reduction.
Read more...Schneiderman Announces $300K Awarded for Foreclosure Prevention Services in WNY
Announcement comes after A.G. protected funding for legal services and housing counseling set to expire April 1.
Read more...LEGAL AID TO HELP FIGHT FORECLOSURE
Attorney General Eric T. Schneiderman announced his office< read more
Read more...In Widely Published Photo, A House That Illustrates The Foreclosure Crisis
ISLIP, N.Y. -- Photographer Spencer Platt spotted the small white house with boarded-up windows and doors a couple months ago, when he was out here on Long Island covering a foreclosure-prevention event. He snapped a few shots and moved on.
Read more...Mistakes, slow start plague Oregon anti-foreclosure program
The Oregon Homeownership Stabilization Initiative awarded more than $1.7 million to 242 homeowners it later determined did not qualify for the program. The state made no effort to recover the money and has written it off, a review by The Oregonian shows.
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