| |
Here's an up-to-date report of
fha loan home loans refinancing and current mortgage rates
Home Loans and Mortgages Beware of Deed Theft Scam
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. Its 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, perhaps by assisting them with to debt consolidation.
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 arent really interested in foreclosure; theyd 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 homeowners house.
About the Author
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.
More Useful Resource and Updates on fha loan home loans refinancing and current mortgage rates
- St George cuts home loan rate to 7.74% (The West Australian)
St George Bank Ltd has cut its standard variable mortgage interest rate by 62 basis points. The rate will fall to 7.74 per cent, from November 14. The move follows the decision by the Reserve Bank of Australia (RBA) on Tuesday to lower the official cash rate by 75 basis points to 5.25 per cent.
- HBOS, RBS Cut Mortgage Rates After Government Meeting (Update2) (Bloomberg)
Nov. 7 (Bloomberg) -- HBOS Plc , the U.K.'s biggest home loan provider, and three other banks together representing almost half of British mortgage lending today cut interest rates after government ministers urged a reduction.
- Britain slashes interest rate to 50-year low (The New Zealand Herald)
The Bank of England slashed its key interest rate by 1.5 percentage points yesterday to its lowest in more than 50 years in a dramatic bid to cushion the coming recession, while the European Central Bank settled for a more conservative half-point trim.
- Rams Home Loans drops mortgage rate (The West Australian)
Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams' standard variable home loan has dropped 0.6 percentage points to 7.59 per cent, while the interest rate on Rams' basic home loan is now 6.99 per cent.
- Community helps W. Pa. couple keep home (Centre Daily Times)
At the end of August, Randy and Cindy Balzer were unable to make the payment on their Baldwin Township house after it adjusted to a higher interest rate, and their mortgage holder was ready to seize the home at a sheriff's sale.
- Rams Home Loans drops variable mortgage rate (The West Australian)
Rams Home Loans (Rams) has dropped the interest rate on its standard variable home loan by 60 basis points. The interest rate on Rams? standard variable home loan has dropped 0.6 percentage points to
- Banks cave in on home loan rates: Millions WILL benefit as mortgage giants are forced to pass on historic interest ... (Daily Mail)
Banking giants were shamed into slashing their mortgage rates yesterday following a direct order from the Prime Minister.
- Mortgage rates drop slightly in week (UPI)
WASHINGTON, Nov. 6 (UPI) -- Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.
- Home-owners and businesses hold their breath for a one point interest rate cut but will Bank of England deliver? (Daily Mail)
Interest rate-setters are under pressure today to relieve homeowners and borrowers with the biggest cut for 15 years.
- Mortgage rates drop slightly in week (Moldova.org)
Interest rates for 30-year, fixed-rate U.S. mortgages dropped slightly in the week ending Nov. 6, the Federal Home Loan Mortgage Corp. said Thursday.The 30-year, fixed-rate mortgage averaged 6.2 percent with an average 0.7 points in the week, Freddie Mac said.A week ago, 30-year, fixed-rate mortgages averaged 6.46 percent with an average 0.7 points. A year ago, the average rate was 6.24 ...
- Refinance Your Home with an FHA Refinance — Mortgage Loan Place.com ...
FHA Loans Continue to Pick Up Steam. Refinancing Your Home Loan with FHA ... is important to be aware of current interest rates to ensure that you will be ...
- Mortgage Refinance Options : Cut Your Rates with a FHA Loan Refinance
... interest rates, many people with an Adjustable Rate Mortgage (ARM) are ... Consolidating your debt by Refinancing your home and using the money to pay off ...
- HSH - Compare Mortgages, Refinancing Rates, Calculators, Home Loans
... on mortgage rates, mortgage refinancing and home equity loan information ... Find Current Mortgage Rates In Your Area. Good Credit Lenders. Bad Credit Lenders ...
- NAU Human Resources
- Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans
... in your state and get a low mortgage rate today. ... Get Mortgage Rates on a Home Loan. Loan Purpose: Loan Amount: Purchase Price: Current Payment: ...
- East West Mortgage Co.
Providing online mortgage refinancing loans, purchase programs, and interest rate quotes.
- Fha streamline loan refinancing rate`s documentation
No Closing Costs Refinance Home Mortgage. Refinance Loans Lowest Rates. FHA Loan Refinancing ... Loan Refinancing. Current Home Refinance Rates ...
|
|
|
