Viki Benbow - The Real Estate Huntress: Beware of new foreclosure scams

NBC news did piece this weekend on the latest foreclosure scam? I heard about this a few weeks back, so it’s great that it’s getting national exposure. Companies are popping up all over soliciting homeowners who are behind on their mortgage with a walk away service. They have a large package of paper work that the homeowner must complete; in some cases they actually have the homeowner deed the property over to the company and they charge the homeowner fees of between $900. and $1500. They promise to handle the paperwork to allow the homeowner to walk away with minimal hassle and get a fresh start. Keep in mind, if you do a deed in lieu of foreclosure with your lender, you can walk away with about the same amount of hassle and damage to your credit report and it costs you nothing.
Once the homeowner moves out, they rent out the properties pocketing the rent. At the same time they often work on selling the property with a short sale, but if that’s not successful, they do nothing to negotiate any form of settlement on the loans. That means that the homeowner is often at risk of having a deficiency judgment show up within the next 4 years against them. These judgments start the agony of paying for the house they walked away from all over again.
Many of these companies are making millions and providing no real additional benefit to the homeowner. Sadly, NBC reported that what these companies are doing is not necessary illegal because of the disclosures hidden in the paperwork the homeowner completes. It reaks of more of the same smoke and mirrors that got unsuspecting homeowners in trouble in the first place.

Folks, you need to work with someone you know. Coldwell Banker is a name you can trust & I have been with them for over 22 years and in the real estate business for 39 years. I have been associated with Eric Hogue for 5 years. So give me a call at 973-4532 and let me put a real plan of action to work for you. In my plan, we guide you to explore all your options so you can choose the one that's right for you. Working with a mortgage resolution specialist, we provide you with a full package which includes allowing us to negotiate a short sale with your lender. However, you remain the owner and in full control of your ultimate destiny. We provide a referral to legal and tax experts to make sure you consider the option of bankruptcy. Additionally, we guide you to negotiate with your lender in an attempt to get your lender to rewrite your loan and stay in your home. We do this for no money up front.

So, again, give me a call at 973-4532. Remember, experience is not expensive, it is priceless!