Mortgage Scams
It's definately a different time for homeowners these days as well as buyers out shopping for homes for sale in the Cincinnati area. Lending restrictions have been tightened so it's now more difficult to get a loan for a buyer or even for that house they want so badly. Some of those "Great Deals" out there do not qualify for the types of loans that the buyer will need. For Sellers, that's frustration all around and forces homeowners to look to other avenues to save their home. For many, the value of their home is much less than what they owe on it, making it impossible to sell. Owners in this situation look for help, with short sale options, which can be messy and difficult, albeit a much better option than foreclosure. Then, the saving grace comes with an offer to help, from a "mortgage/debt Rescue" company.
If you find yourself in a position where you need help it pays in the long run to do your own research. Before jumping on that offer, the Federal Trade Commission urges you to avoid any business that employs the following tactics:
Guarantees to stop the foreclosure process
Collects a fee before providing any service
Offers to fill out all the paperwork for you
Instructs you not to contact your lender, lawyer, or credit counselor
Encourages you to lease your home so you can buy it back over time
Tells you to make your morgage payments directly to it, rather than your lender
Tells you to transfer your property deed or title to it
Pressures you to sign documents you haven't had time to read or that you don't completely understand
Makes verbal promises without putting them in writing
OK, now the good news, there is legitamate help available and it's free. If your mortgage payments are more than 31% of your gross montly income, you may be eligible for a United States government programcalled Making Home Affordable, under which your lender will lower your interest rate until your monthly payments are no more than that amount. Go to http://www.makinghomeaffordable.gov for details.
HOPE NOW is another option if you are looking for a nonprofit government approved counselor to assist you. Call 888-995-HOPE or visit http://www.hopenow.com
There is help out there, just make sure you take time to do your research and ask the right questions and remember, if it sounds too good to be true, it probably is.
Chris Wood
REALTOR
Mobile: 513-382-2474
Email: chris@chrisjwood.com