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Buyer Beware: Foreclosure Buy Back Mortgage Loans
from:One of the biggest scams out there that a person involved in foreclosures might encounter is the foreclosure buy back mortgage loans. To be clear, there are some honest investors that offer this option too, but it is definitely a case of buyer beware. You have to be certain you understand the terms of the buy back agreement so that you really do have an option to buy back the property as you assume is the case. Otherwise, the foreclosure buy back mortgage loans offered by some unscrupulous investors can be used to divest you of the home or place you in further debt.
The game starts when a person finds themselves in the foreclosure process. They are often targeted by reputable as well as dishonest investors trying to make a buck off of your predicament. While the honest investor might offer genuine foreclosure buy back mortgage loans, what the dishonest one will do is tell you one thing and have you sign something else entirely. So, be sure to pass any papers you sign by your own attorney if you are considering such a deal.
In the case of foreclosure buy back mortgage loans, you are generally required to sign the deed to your home over to the investor. In return, they might promise to pay off the outstanding balance and allow you to rent the property from them while you get back on your feet. The problem is that once you sign the deed over, you've lost the house and the odds of you buying it back are pretty slim. They might have very restrictive terms that make it impossible for you to buy back the property or you have to buy it back for far more than you sold it to the investor for by allowing them to pay off your account. Also, there are dishonest investors that might not pay it back and just use the remaining equity in the house with the deed to go out and get more financing for other deals, leaving you with the bill – if you remain listed as the owner of the house. Either way, the results of such deals are typically that the home owner is evicted, they are fleeced, or they end up buying back the property at a premium. If they really want that particular house and can find a reputable investor, then it might pay for them to do this deal, but it should be investigated thoroughly. You should have your own lawyer present throughout the deal to review documentation and make sure your interests are being met.
Loans After A Foreclosure News
USDA Is a Tough Collector When Mortgages Go Bad - Wall Street Journal
 Wall Street Journal | USDA Is a Tough Collector When Mortgages Go Bad Wall Street Journal The Federal Housing Administration and Veterans Administration, which also guarantee mortgage loans issued by private lenders, say they generally don't pursue borrowers for debt left after foreclosure. "We'd gain nothing by placing an even greater debt ... React & Act: What is second-mortgage debt? |
Foreclosure-Prevention Efforts Bog Down - LoanSafe
 RealtyBizNews | Foreclosure-Prevention Efforts Bog Down LoanSafe Large banks are pushing back against a Harris proposal to give homeowners the right to sue when not all required steps in foreclosure actions are taken. They also oppose a requirement that they delay foreclosures when borrowers have asked for a loan ... Malloy Announces Plans for CT's Share of Foreclosure Settlement Second Chance for Foreclosure Victims Stabenow Introduces Legislation to Support Tax Relief for Homeowners and ... |
Texas company targets foreclosed owners' second loans - San Francisco Chronicle
Texas company targets foreclosed owners' second loans San Francisco Chronicle It then uses fraud allegations against former homeowners to try to get them to pay up, often accusing defendants of misstating their incomes on loan applications. Many of these former homeowners believed their mortgage debt had been erased after their ... |
Shops at Laurelwood Sells in Foreclosure - Memphis Daily News
Shops at Laurelwood Sells in Foreclosure Memphis Daily News Foreclosure proceedings began after former owner Z Investments, which bought the center in 2005 for $2 million, defaulted on a 2006 LaSalle Bank loan for $1.7 million. The loan was most recently held by Perkins Laurelwood LLC. |
Calif. homeowners with foreclosed second mortgages targeted by firm - News10.net
 abc7news.com | Calif. homeowners with foreclosed second mortgages targeted by firm News10.net Heritage Pacific launched its effort in late 2008 when it began buying - at a steep discount - second-mortgage loans that borrowers had stopped paying. Many of the loans were secured by houses that already had been sold in foreclosure by first-mortgage ... Firm targets CA homeowners with foreclosed 2nd mortgages |
Foreclosure another obstacle for recovering alcoholics and addicts - Joliet Herald News
Foreclosure another obstacle for recovering alcoholics and addicts Joliet Herald News Not after their landlord problems. Leon Venable was the landlord until January when the bank took the house back. It was the second Oxford House in Joliet that Venable lost to foreclosure in less than a year's time. Venable became Illinois coordinator ... |
Foreclosure Lawsuit Questions Dog Mayor - LoanSafe
 WTHI | Foreclosure Lawsuit Questions Dog Mayor LoanSafe When asked whether it is GMAC Mortgage's policy to sue for foreclosure — even if a borrower has not missed a single payment — Fitzpatrick said: “No. GMAC Mortgage would not foreclose on a current loan.” • When asked whether GMAC Mortgage would ... Terre Haute mayor fighting foreclosure lawsuit |
Speeding Up Short Sales - New York Times
 New York Times | Speeding Up Short Sales New York Times Distressed homeowners often prefer them to a foreclosure, he noted. Expedited sales as a result of the new directive will benefit the entire housing market, said Michael McHugh, the president and chief executive of Continental Home Loans and the ... Mortgage Relief – Without the Catch BofA Repurchases $330M from Freddie; Delinquencies Down, Sales... Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance |