Mortgage and Foreclosure Scams

If you fail to pay your mortgage sums, you may lose your home through foreclosure. Your lender can use foreclosure as a legal means to repossess your home. Seeking help from a mortgage specialist is necessary in these situations.

Most mortgage professionals are reliable and offer a precious assistance by allowing you to own a home without saving enough money to buy it outright. But dishonest or "rapacious" lenders do exist and engage in lending practices that increase the chances that a borrower will lose a home to foreclosure.

Some foul practices are;

Fake “government” rule change.

Rent back or rent-to-buy tricks.

Refinance deception.

“Get rid of your debts” statement.

Refinance scams.

Fake “government” rule change.

These scams claim to be allied with the government or require that you pay high fees in line to benefit from government modification programs. Keep in mind that you do not have to pay any fees to partake in government-approved programs. Some frauds may even use words like "federal" or "government-approved" that make consumers think they are associated with the government.

Rent back or rent-to-buy tricks.

In these types of scams you are requested to pass on the title to your home "temporarily" to the scam person who assures to get improved financing for your mortgage and permits you to stay in your home as a tenant with the option to buy back the home. Then again, if you do not fulfill with the conditions of the rent-to-buy agreement, you will lose your money and be expelled like any other tenant.

Refinance deception.

The scam person presents to be a mediator between you and your mortgage lender to discuss a loan alteration. The scam person may even tell you to make payments directly to him, which the scammer will send to the lender. In spite of this, the scam artist will not forward the payments to your lender and you could still lose your home.

“Get rid of your debts” statement.

Certain firms possibly will put together fake legal statements that you are not required to pay back your mortgage or that they know of "secret laws" that can get rid of your debt. Do not believe such statements.

Refinance scams.

In these types of fraud activity you will be positively encouraged to sign "foreclosure rescue" loan papers to refinance your loan. Actually, you have submitted your possession of your home because the loan documents are actually legal transfer documents. You may incorrectly think that your home has been saved from foreclosure until you receive an eviction warning months or even years later.

Darrell Rigley, the founder of Distressed Mortgage Solutions is highly recommended by clients, he has mentored as a trusted source, problem solver and a visionary. He is one of the most popular Mortgage Audit Solution specialist. Darrell Rigley is best in providing leverages required to prevent the lenders from foreclosing all your homes. He is currently the President of TriMark Financial Solutions.

www.darrellrigley.com