Health & Fitness
Contra Costa Mortgage Fraud Schemes persist
Contra Costa Mortgage Fraud is still rising. Learn the common schemes, ways to avoid them, and get resources for help.
It is always a sad story to hear of someone who has fallen victim to a Mortgage Fraud scheme. Mortgage fraud statewide has risen over 60% in 2012 alone ! I am constantly amazed at the new ways fraudsters come up with to take the hard earned money of others!
It is especially disheartening as these criminals prey on those simply trying to find a way, any way, to save their homes. There are so many schemes and frauds out there it would fill a book, but here are some commonly seen "programs" meant only to separate you from your money.
- Loan modifications or principle reduction programs - for a fee
- Private investors "buying" your home and selling it back to you
- We'll buy homes for cash
- Investors meant to save your home and you pay your payments to them
- Pay a monthly fee and they'll stall your foreclosure and/or eviction after a foreclosure
- Short refinances (work with reputable banking institutions only)
- Short sale fraud (sell low to investor, sell high on the market for investor to make money)
Find out what's happening in Concordwith free, real-time updates from Patch.
These are only just a few. The California Association of Realtors has recently produced a Public Service Announcement video meant to help people avoid mortgage fraud schemes. These criminals prey on those facing foreclosure or default (as default and foreclosure notices become public record and are easy to obtain).
Be careful. Be aware. Here are some resources:
Find out what's happening in Concordwith free, real-time updates from Patch.
Remember! You should never pay anyone an upfront fee to help you with your loan, a loan modification or short sale. You can always get FREE help from a HUD approved housing counselor by calling 888-995-HOPE, or visiting the Homeownership Preservation Foundation (HOPE). Foreclosure isn't always the only option, and there is FREE help out there for many.
Another option is getting temporary help. Through CalHFA there is help available for some collecting unemployment, those looking for ways to get caught up on their mortgage or looking for ways to reduce principle. Check out the Keep Your Home California website to see if you qualify.
For those who come to me to complete a short sale on their home, I do want to be sure you've exhausted all your resources to save your home first. Ask me for resources! I'm here to help.
Catherine Myers
REAL Estate Broker
DRE 01337828
Windermere Bay Area Properties
925-683-2125
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