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Foreclosure Bailout Loans: Scam or Genuine?
from:Of the many options facing people who are dealing with a potential foreclosure of their home, most will eventually hear about foreclosure bailout loans. These types of loans are provided by private investors who will charge high interest rates and provide the necessary cash to forestall a foreclosure. In exchange, they may buyout the mortgage at a loan to value ration of between 65 to 75% and lease the property back to the owner of the home for a period of time. Eventually, the investor returns the property back to the person in the home. These foreclosure bailout loans are supposed to work more like second mortgages, where the tenant remains the owner of the home. However, sometimes unscrupulous people end up owning the home instead. While there are genuine investors who know how to use this as a last-chance tool to save a home, there are many more scam artists who come into a home pretending to offer genuine foreclosure bailout loans when they are just trying to get the deed to your home. You have to be very careful when signing any documents with anyone claiming to be offering foreclosure bailout loans. Some states, like Florida, have even put legislation in place that clearly suggests that despite wording in documents, any bailout offers with a lease option are similar to mortgages where the current resident retains ownership of the home. This has kept people from being evicted from a home they thought they owned after going through foreclosure bailout loans programs.
Foreclosure Loans News
FDIC Chairman Sheila Bair presses again for stronger government action ... - Newsday
WASHINGTON (AP) _ The head of the FDIC is pressing again for more aggressive government action to help millions of home borrowers avert foreclosure, saying federal money is needed to ensure economic recovery. Federal Deposit Insurance Corp. Chairman ...
Read more...Citibank to spare 500,000 facing foreclosure as banks help more - Chicago Tribune
Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers remain in their homes -- making Citi the latest big bank to announce sweeping efforts to try to curtail losses from ...
Read more...Assembly’s foreclosure moratorium on slow track - Sacramento Bee
A proposed four-month foreclosure moratorium that would crank up the heat on lenders to rewrite more of California's troubled mortgages downshifted to the slow lane Monday. Assemblyman Ted Lieu, D-Torrance, agreed to delay a committee vote on his ...
Read more...It’s tougher to find a good deal at foreclosure auctions - Lynchburg News and Advance
The first time Penny Sipple went to a foreclosure auction, she wasn’t looking for a house. She was just curious. Then she watched a house sell for $20,000 at auction, about half its original mortgage. “That was enough to get me hooked,” she ...
Read more...Losing it all: Subprime loan mess slamming doors on homebuyers in ... - Lynchburg News and Advance
You wouldn’t expect a $1 million home on Easy Street on Smith Mountain Lake to end up in the same situation as a $20,000 house from inner-city Lynchburg. One was built as a lakeside mini-mansion in 2006. It has 5,200 square feet, granite ...
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