The Foreclosure Help Scam

With so many Americans face closure, the new industry code. Wow, I read this one carefully, and understand how it works for you, your family and friends, do not be fooled into this morass.

In particular, when the family has a problem with your house payment, it is a combination of many problems. You can adjust the mortgage arm ready, it can be lost income from work, or many other issues.

We all know what it means to live from paycheck to paycheck. Thus, when cash flow is interrupted, we will start other dangers on the horizon there. Let's look at it. We all thought we were protected from any problems when we bought the house and $ 175,000 during the six months to one year, we learned that she left worth more than $ 250,000. We thought we were the smartest "cats" in the block. We just made a cool $ 75,000 just to buy a home.

So, what we do. We have or we believe that we need a newer car modifications, leave the Big Boys Toys and the like. We called the mortgage brokers and friendship with our good credit scores and that the house is worth $ 250,000 we were able to refinance 90% of this amount. Hmmm. Lets see. This means that we can get for around $ 50,000 check and it should be more money than we ever had in our hand any time. "Bring It On."

With our new toys and could sleep at night because we had the security of our home life could be better. But we had a little bit about what is happening at the horizons. Not our fault, but we stuck in this mess.

So many of these fancy mortgages were coming due for adjustment, and now, when people could not make those mortgage payments, they lose their house locked. Let's move on. When the banks of thousands of homes, as they went up, they began to aggressively market home buyers hungry "Short Sale". This means that the bank sold the house that was worth $ 250,000 and the mortgage balance is $ 225,000 (remember, refinancing) from $ 150,000 to $ 175,000.

Yes, enough of them have only relatively appraisers and real estate agents have to pay short-selling for $ 150,000 slug. This undercut the very value of the property. Now, what happened to poor old me, who bought a house for $ 175,000, refinanced for $ 225,000 (still owe so much), but now, when the home is only worth what you paid short sales.

So, you guessed it, you're upside down in your home. This means that you owe more than it's worth. The problem is just the beginning. You can not make mortgage payments, you were (2) (4) months behind, and bank risk containment measures. You lose your house, your credit and your sanity.

Waters, red blood cost the UN reported home. Here is a favorite trick. We can help. Come in and lets discuss your problem. Hell, it's not rocket science. You (4) months after your house payment and about to lose it. Your credit is already reflected in (90) days late in paying, so no matter what their parents tell them about saving your credit, you can forget it. This is the shot. Kaputt, Gonzo, stinky and bad.

They ask you for money to work in your case. What do you think they really intend to car do. Negotiate on your behalf to the bank? Perhaps, but there are many reputable companies out there that do this professionally for a small fee and are honest.

Sharks sign you instead of closing the document to them. It's now home and they do not make any money. But you are still legally liable for the mortgage note. So if you have shares in the house, they just borrow the capital to put money in your pocket, but now you owe more than you did before. Quite a lucrative scam.

Is there an answer then there is no reason for people facing closure Hope? Yes, but you have to be realistic. You can not be emotional about your home. Given the decrease in value, that is what is realistic. Do you have the means to maintain and to wait until markets return to normal life?

You have two options. You can choose to lease the house from an investor who bought the house a short sale. Let them make a small profit, and agrees to repurchase or two years later, after you have managed your credit problems, you are now in a position to refinance the house. Yes, you can refinance the house that you have the option to rent.