A rise in mortgage delinquencies is often accompanied by an increase in foreclosure rescue scams. The prospect of losing your home and damaging your c...
A rise in mortgage delinquencies is often accompanied by an increase in foreclosure rescue scams. The prospect of losing your home and damaging your credit is enough to scare anyone, but when you add the additional threat of being duped out of your hard-earned money by an unscrupulous scam artist, it’s easy to see why some people facing foreclosure want to throw up their hands and give up. The fact that there are opportunists in the world that prey on the vulnerable is a sad but constant fact of life. Nevertheless, you can protect yourself and your family from fraud and avoid making risky decisions by educating yourself, asking lots of questions and most importantly by keeping your money in your pocket.
Unfortunately, a crook is unlikely to tap you on the shoulder and announce his intention to steal your money. Thieves come from all backgrounds and live in all places, so it is a mistake to think that you will be able to identify a con artist by the way he/she looks or by the way he/she acts. In fact, a successful con man is likely to be very good at making you feel comfortable and safe. So how can you spot a foreclosure scam? What are the warning signs? Generally, it is the ‘too-good-to-be-true’ promises con men often make as well as the questionable things they ask their victims to do that should raise big red flags.
Successful scams normally require the victim to willingly give money to the perpetrator (this is the critical mistake). Bernie Madoff would not have been able to swindle billions of dollars unless his victims had entrusted him with their money. Most email scams promise victims large sums of money as a result of winning a bogus lottery for example. In most cases, these victims will eventually be asked to pay advance fees to allow the phony deal to proceed (gotcha!). So how do you avoid making this error? The answer is simple--by keeping your money in your pocket! You can only lose money that you’ve actually given away—so don’t give away any money! A request for you to pay fees in advance before any service is provided should always make you stop and think twice, even if the person requesting the money is an attorney. Remember, every dollar you give away is a dollar you may never see again.
Short Sales: What If I Already Tried To Modify My Mortgage Loan?
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In the fluctuating real estate market, short sales present a unique set of challenges for sellers. With an abundance of unsold properties and a deficit of qualified buyers, securing and maintaining a buyer's interest is paramount for a successful short sale. This article delves into five crucial strategies to attract buyers and ensure they remain committed throughout the often-protracted short sale process.Mortgage Loans and Foreclosure: If You Run and Hide, You Make A Bad Situation Even Worse
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