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The Real Estate industry is suffering from the intrusion of different types of Real Estate scams affecting seriously first-time homebuyers, home sellers and home owners. Broker/Owner Natalia Arias of Blue One Realty cares about you and your Real Estate transactions. Here is a list of some of the most common fraudulent deals that are circulating within the industry, so beware!
Foreclosure fraud has turned into a cottage industry, and like other Real Estate proposals, it comes in a variety of forms. The most common to be seen at is a foreclosure "rescuer", someone pretending to be a mortgage advisor or someone coming from a foreclosure service.
It uses to work by offering to homeowners, who are having money problems, the title transference or deed. The credulous homeowner either signs papers that are mostly standardized as a loan or the fakers guarantee the homeowners they can stay in their home and can buy it back sooner or later.
These scammers often use a sales speech like “I can save your credit” so they can ask the homeowner to pay the mortgage directly to them. In some cases things have turned even worse.
The rescuer can get a second loan on the home so they will take the profits and disappear. In other cases they even rented the home forcing the existing resident to be evicted.
Whenever you see signs like “we pay cash for your home”, “we buy homes anywhere, in any condition, at any price”, pay attention. And, if you think you are facing a foreclosure contact your mortgage company.
Banks and lenders generally do their best for you to keep the house and will find the best way for you to pay your mortgage obligations. In case you and them cannot meet the terms, it might be suggested to sell your property. However, you will keep the fairness of what you have built, not the faker-rescuers.
Home equity fraud has been seen in the Real Estate industry as another form of Real Estate scam.
Before signing anything, you must learn about the two most frequent types of predatory lending: equity stripping and equity flipping.
The home equity stripping is also known as home equity liquidation or collateral stripping and it simple means: taking cash out of your home. If you are facing financial problems or want to apply for an additional credit against your property, is not recommended.
Although it may sounds like an attractive choice to get cash fast, you must be cautious on how much borrowed money you can afford and at what rate. And, on the other hand, if you are approached by a lender who intends to walk into falsifying info such as the source of your down payment or over exaggerating your monthly income in order to qualify for a larger mortgage loan, just stay away from that lender and fill a complaint form.
The home equity flipping exists since lenders make money on Real Estate transactions. There are some kind of lenders who have the ability to convince homeowners to refinance over and over again as a part of the greatest deal of their life. The most common words they use are “let your home start working for you”. And, what you don’t know is that there are hidden terms within the forms along with huge fees. Unfortunately, the financial collision of the flipping is not detected until you have been refinanced out of your property.
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