|
The Practices:
Equity
Stripping
The
Balloon Payment
Loan
Flipping
The
"Home Improvement" Loan
Credit Insurance Packing
Mortgage Servicing Abuses
Signing Over Your Deed
Do's and
Don'ts
More Info
Home
| |
Signing Over Your Deed
If you are having trouble paying your mortgage and the lender has
threatened to foreclose and take your home, you may feel desperate. Another
"lender" may contact you with an offer to help you find new financing.
Before he can help you, he asks you to deed your property to him, claiming that
it's a temporary measure to prevent foreclosure. The promised refinancing that
would let you save your home never comes through.
Once the lender has the deed to your property, he starts to treat it as his
own. He may borrow against it (for his benefit, not yours) or even sell it to
someone else. Because you don't own the home any more, you won't get any money
when the property is sold. The lender will treat you as a tenant and your
mortgage payments as rent. If your "rent" payments are late, you can
be evicted from your home.
Do's and
Don'ts | |
| ;HomeEquityScamsFraud
Home Equity Scams & Fraud:
Do's and Don'ts
|
Does your kid's
school need money? Do you fundraise? Check out::
FundraisingMom.com
"All
you need is a website and you can raise thousands in your
sleep!" |
|
meEguaaomeEq
|