The average home in the United States has a value of $206,000, a record amount. Real estate prices have been rising throughout the country during the last five years, and homeowners have seen the value of their property skyrocket. In California alone, the equity in private homes has increased by more than one trillion dollars in the last five years alone. Many homeowners do not even realize that their home may be worth hundreds of thousands of dollars more than they know. Unfortunately for them, a new breed of thieves is well aware of the value of home equity, and a scam known as "deed theft" has allowed them to steal homes from thousands of people.
Deed theft is simple in principle. The perpetrators of deed theft post flyers around town offering "foreclosure help." They seek homeowners with mortgages who may be experiencing some temporary financial setback that threatens them with foreclosure. It's not uncommon for people who have been living in their homes for years to have a sudden financial emergency that prevents them from making their house payments. Perhaps a job loss or illness is to blame. The economic downturn of the last five years has left a lot of people struggling to pay their bills, and these are the people that the deed thieves seek. Their flyers promise to help those in danger of having their homes taken through foreclosure. The thieves meet with the homeowners and ask to have the title to the home transferred to them. In exchange, the "rescuer" will promise to pay the delinquent bills and rent the home to the victim for a year or so at a fair price. During this time, they say, the homeowner can save their money or pay off other bills. At the end of that year, the victim can buy the house back from the "rescuer."
This seems like a friendly gesture, except that the "rescuer" has no intention of selling the home back to the victim. Once the title is signed over to them, they legally own the home. They may evict the victim, sell the home, or borrow against it, and there is little recourse for the victim, who is now nothing more than a squatter. Many of these victims fail to realize that they may have had hundreds of thousands of dollars in equity in their home or that their mortgage company may have been willing to either refinance their home or assist them in some other way with making their payments.
This scam is currently popular across the country and homeowners could easily avoid being victimized by simply calling their mortgage company at the first sign of financial struggle. Mortgage companies aren't really interested in foreclosure; they'd much rather get paid if at all possible. Before accepting the "help" of strangers who post signs on streetcorners, homeowners should start by asking help from those with whom they are already doing business. Doing so could not only save the homeowner money, it could save the homeowner's house.
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
Having just settled in life, you are finding the rentals... Read More
Refinancing online is a great opportunity to find low interest... Read More
Have you ever asked yourself how much home loan can... Read More
Buying your first house is always a difficult time. There... Read More
For years, when someone wanted to purchase or refinance a... Read More
Shakespeare once said about human nature 'with nothing shall be... Read More
W. Edwards Deming said "Marketing and innovation are the only... Read More
There are many benefits to interest-only mortgage loans. There are... Read More
When you're looking for a mortgage, whether it's a first... Read More
Before you consider taking out an interest-only mortgage, you should... Read More
Sub-prime mortgages are not that much different from average mortgages.... Read More
Buying a home vs. renting is a big decision that... Read More
This post is a must read for anyone considering purchasing... Read More
This might not be the front page news but it... Read More
Whether you are looking to purchase your first home, sell... Read More
As loan officers, the word "lead" is by far one... Read More
Mortgage cycling is a system that relies on solid budgeting,... Read More
Outlined below are some useful flexible mortgage tips. The most... Read More
An Interest Only Mortgage is one where the repayments are... Read More
A VA guaranteed mortgage is the usually the best way... Read More
Add the term 'online' and it will open for you... Read More
What is a mortgage? Here's what The New Merriam ?... Read More
A mortgage is a loan that is guaranteed by a... Read More
There are numerous reasons a person has bad credit. Late... Read More
"I've been renting for years now; I've always paid my... Read More
Most home owners know that the lower the interest rate,... Read More
Private mortgage insurance, or PMI, is the safety net of... Read More
Buying a Home and committing to a Mortgage can be... Read More
Do you have bad credit that you worry will stop... Read More
When you go to the bank to get a mortgage,... Read More
Home equity is your own personal money machine. If you... Read More
What's the most efficient way to secure a US Commercial... Read More
Your goal is not only to find the best rates... Read More
We all know that there are a lot of mortgage... Read More
Your search for a mortgage isn't leading results.Check for any... Read More
A Self-Certification mortgage is a mortgage designed for people who... Read More
If your down payment on a home is less than... Read More
There are numerous reasons a person has bad credit. Late... Read More
Here in Spain the concept of a mortgage period of... Read More
Interest rates are at an all time low, making now... Read More
Having just settled in life, you are finding the rentals... Read More
"How much should you borrow?" is a question people with... Read More
In other words, the benefit of the loan must outlast... Read More
Whether you are planning to purchase a home for the... Read More
A repayment mortgage is the type of mortgage that most... Read More
So, you have made the decision that you would like... Read More
It can happen to anyone, the roof is leaking, the... Read More
The best home improvement loans usually aren't going to be... Read More
If your mortgage company is threatening foreclosure, there are things... Read More
Doesn't Residential mortgage give the impression that they are a... Read More
The popularity of stores like Home Depot and Lowe's show... Read More
Before you start shopping around for a mortgage, you need... Read More
If you've got a wallet full of credit cards, and... Read More
Interest - is an amount you pay for the use... Read More
Since the demise of the stock market in 2000, the... Read More
Home mortgage interest rates hit record lows in 2004 and... Read More
Almost two thirds of first time buyers accept the first... Read More
The booming real estate market has allowed many Americans to... Read More
With today's relatively low interest rates and climbing property values,... Read More
Home ownership has risen sharply in recent years, and the... Read More
A brief list of some of the most common Mortgage... Read More
Private mortgage insurance, or PMI, is the safety net of... Read More
People with bad credit that are looking to get a... Read More
Slight increases in the interest rates raise your hackles. Tension... Read More
There are many reasons to use the internet to take... Read More
How does an ARM work.The borrowers interest rate is determined... Read More
Mortgage Refinance |