Phony Counselors – Scam artists present themselves as
“counselors” who will negotiate a deal with the lender IF the borrower pays a
fee first. Some scammers even require
that all the mortgage payments be made to them while they negotiate on the
borrower’s behalf.
Fake “Government “ Modifications – Scammers will claim to be approved or
affiliated with the government. Their
documents and website will use terms like “federal” and “TARP”. They will claim a fee is necessary to use the
modification program. Borrowers should
call their lenders directly to find out if they qualify for a government loan
modification.
Bait and Switch – The scam artist tells borrowers that by
signing loan modification documents the existing mortgage will become
current. What the borrower is really
signing surrenders title to the scammer in exchange for a “rescue loan”.
Rent-to-Own or Leaseback Schemes –
Scammers tell borrowers that if they will surrender title to their home that
they can stay there as a renter, and then buy the home back in a few
years. The scammer then raises the rent
over time to the point they can’t pay.
The scammer evicts the borrower and sells the home. Another variation is when the scammer has the
borrower sign over title and move out.
They promise to find a buyer for the home and share part of the profit
once the home is sold. What really
happens is that the scammer rents out the home, never making the mortgage
payments and lets the lender eventually foreclose, while they walk away with
all the rent money.
Bankruptcy to
Avoid Foreclosure – The
scammer promises to negotiate a refinance with the lender for a fee. He pockets the fee and files a bankruptcy in
the name of the borrower without the borrower’s knowledge to temporarily stop
the foreclosure process. The borrower
thinks things are going well because the collection calls stop.
If
you are still current on your payment you may qualify for some of the
refinance options that are available today. Even if you're upside
down! Call me first to see if you would be eligible for any of these
products before allowing any of your payments to go delinquent.
Call me today!
Jayne Combs
NMLS#222444
Mortgage Loan Officer
First California Mortgage
588 San Ramon Valley Blvd #202
Danville, CA 94526
jcombs@firstcal.net
Call me today!
Jayne Combs
NMLS#222444
Mortgage Loan Officer
First California Mortgage
588 San Ramon Valley Blvd #202
Danville, CA 94526
jcombs@firstcal.net
