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St Louis Loan: Rental Property Fraud Alive And Well

May 6th, 2011

It is hard to believe that there are people who advertise homes for rent online that do not have any legal ownership yet do so to defraud innocent consumers according to St Louis finance experts.

They advertise a house for rent online saying how beautiful this home is. They suck you in with all the amenities and ask that you request an application.

Upon further reading, you notice the ad turns negative as they carefully and succinctly describe their unfortunate lives at this time and the fact that they cannot seem to sell their home due to the economy. So, they have decided to rent this house.

Some give the excuse that they had a bad realtor who tried to sell their home but couldn’t and have now decided to take it off the market.

To your surprise, they suggest you go to the property and remove the “for sale” sign after you submit an application with the down payment of course.

This real estate hoax has not gone away. The perpetrators utilize better forms of advertising and prey upon the sympathies of those needing a home.

Rental fraud can be avoided by heeding these important tips:

1. If you see an advertisement for a rental home that looks like a repetitive form letter, it may be best to avoid this ad.

2. Make sure to submit some questions that you have about this rental property. If you receive no answer, move on.

3. Once you ascertain the address of the property, type it into Google with the zip code if possible. You will definitely pull up listings on the search engines about this property such as is it listed “for sale.” Jot down the real estate agent’s phone number and call about this property for rent. If the agent says it is not, you were a target of rental fraud from an anonymous person. Report this to the agent and where you saw this property advertised for rent.

4. It is a good idea to avoid meeting the owner of the house anywhere else other than the location of the rental property.

5. You certainly want access to the home so that you can view it. If the owner tries to make excuses, say no and move on.

6. And don’t forget, never give cash or send cash to someone that is in another town as this definitely sounds like rental fraud. And never remove a “for sale” sign from the property.

On March 15, 2010, Dennis Norman of the St. Louis Real Estate News had this to say in his article entitled: “How to avoid being a victim of a real estate rental scam” -

Look out for: The scammer duplicates postings from legitimate real estate sites, alters them, and reposts them. Often, the scammers use the broker’s real name to create a fake e-mail address, which gives the fraud more legitimacy. When the victim sends an e-mail through the website inquiring about the home, they receive a response from someone claiming to be the owner.

Many say they are doing some type of missionary work and need to rent their former home out. They then ask you to send money to them at their foreign address and thus you lose your money.

It is getting to the place that real estate agents or their assistants need to check the places where they advertise their properties as to avoid any future problems or angry phone calls from those who may have fallen victim to these fraudulent rental ads.

You can check out any type of property very easily nowadays if you have access to the Internet.

And remember to never let your emotions get the best of you. Yes, it may be the best home for you and your family and yes, the price may be too hard to pass up.

These tips that are recommended by St Louis mortgage brokers and real estate agents will help you avoid losing your money and valuable time.

To get a commercial loan audit, go to Floyd Tapia’s site at www.StLouisMortgageGroup.com. A St Louis mortgage refinancing expert can help get you a great home loan or save you from foreclosure with a principal reduction program. Call us at 314-334-0210 or 877-334-0210.


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St Louis Mortgage: FBI Investigates Foreclosure Mess

April 27th, 2011

As much as the big banks want to end the mess and move on, the country needs this mess to be over with even more so. The problem is that it looks like it will be around for a while.

The situation has deteriorated so badly that all 50 attorney generals have been and will continue to investigate possible fraud perpetrated by lenders according to St Louis finance experts.

These financial institutions are now facing litigation by lawyers representing these wrongfully evicted homeowners.

State judges have signaled they will review the banks’ foreclosure documents with skepticism while lawmakers on Capitol Hill plan to hold hearings.

On top of all that, an unnamed official has told CNBC that the F.B.I. is in the initial stages of trying to determine whether the financial industry may have broken criminal laws in the mortgage foreclosure crisis.

What in essence is being questioned is did these banks intentionally violate laws protecting consumers or were they overwhelmed by unavoidable events during the mortgage crisis. Some St Louis refinancing experts seem cynical about the banks’ innocence.

Hundreds of judges around the country have the authority to penalize bank officials who violated their procedural rules.

They could also force thousands of foreclosure cases to go to full trials rather than issue a quick ruling which will probably cost tax payers even more.

But the good thing is that judges won’t take well to banks that filed erroneous documents with their courts, said Indiana Attorney General Greg Zoeller.

The consequences for these irresponsible banks may be quite serious.

These lawsuits that are compounding at alarming rates will probably go on for many, many years.

If these lawyers were sharks, they would be ecstatic by the smell of blood in the financial waters.

Many St Louis mortgage brokers are now recommending that homeowners facing foreclosure or have “underwater” house values take advantage of a FREE loan audit. This may help stop the foreclosure and reduce the principal amount owed for your home or business.

To get a forensic loan audit, go to Floyd Tapia’s site at http://www.StLouisMortgageGroup.com. A St Louis mortgage refinancing expert can help get you a great home loan or save you from foreclosure with a principal reduction program. Call us at 314-334-0210 or 877-334-0210.


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Save Your Dream, Get Legal Advice For Foreclosure

April 19th, 2011

If you are in danger of losing your home, get legal advice for foreclosure. Losing a home for whatever reason, is a devastating event for anyone. It is comparable to the death of a loved one or a divorce. If you are in danger of losing your home, you need to act quickly. Your situation will not improve with the passage of time. You need to immediately seek the services of a competent attorney to advise and assist you during your time of crisis. You will need to consult with an attorney who is aggressive, experienced and competent in the area of foreclosure defense. Not all attorneys have the experience and skills in this rapidly changing area of law. Be sure that yours does.

Your home is most likely your most valuable possession. If you are at risk of losing it, you need competent counsel who can take on your lender. You need the best possible defense, that only an attorney who has dealt with these types of cases can present for you.

More is being learned daily about the unscrupulous practices of the lenders attempting to take the homes of hundreds of thousands of Americans. Often the lenders seeking to take your home away has no authority to do so. Competent counsel is necessary to protect you rights and save your home. That person must have the insight and knowledge necessary to properly defend your rights to protect your home.

Many actions the lenders are attempting today or just wrong at best and fraudulent at worst. Lenders often cannot locate the proper documents to show they have the legal right to declare your loan in default. Or they have improperly assigned your deed to another party, making your loan unsecured. You need a competent attorney who is familiar with these irregularities to properly inform you of your rights.

Many banks have been caught presenting false and forged documents. The news has been been full of stories of documents mills that fraudulently create the documents used to take your home. These documents can often be hard to spot and even harder to defend in court. Be sure that your attorney has the proper skills and experience to spot these documents.

If you are in danger of losing your home, get legal advice for foreclosure. Don’t fall prey to those who would like to take your home from you. Act today to protect your future,

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St Louis Mortgage Company: Unemployed Look Elsewhere For Loan Modifications

April 16th, 2011

On November 1, 2010, new guidelines released by Fannie Mae will mean that unemployed homeowners cannot count jobless benefits as income when applying for mortgage loan modification programs on loans backed by Fannie Mae.

“We don’t want to set up borrowers to fail,” said Amy Bonitatibus, Fannie Mae spokeswoman. Fannie Mae’s announcement broadens a ban already put in place from the Treasury Department.

Since this major change, those who are unemployed may still apply for HAMP but they will now be considered for a forbearance plan which could include a reduced payment for at least three months.

But this suspension apparently goes further. Fannie Mae also prevents banks from using unemployment benefits in their own loan modification programs if the loan is backed by Fannie Mae.

This definitely hurts the economy since this group accounts for most of the new mortgage delinquencies. Most were hoping to use their benefits as income to help them save their home.

Non-HAMP bank modifications are growing in importance as the government initiative loses steam.

Approximately 447,000 mortgage owners have received a permanent HAMP loan modification in August 2010 which was up from 421,000 in July.

An additional 45,900 fell out of the HAMP loan program in the same month bringing the total to about 663,000.

Then there is the trial period that includes approximately 202,753 mortgage payers who will be evaluated to see if they are able to continue financially with their new lower payment.

Approximately 45 percent who fall out of the HAMP modification program are able to qualify for another non-HAMP type loan mod.

But a growing number of them, close to 13.4 percent, still wind up in foreclosure which is why most responsible homeowners are now turning to a principal reduction program who utilize attorney networks to help the foreclosure stop process and help those who are “underwater.”

Many argue that Fannie Mae is financially turning a deaf ear towards those who truly need a financial bailout in order to save their home.

Get a St Louis loan today. Also visit www.StLouisMortgageGroup.com for a Loan Audit. Principal Loan Reduction: Available for both homes and businesses. Call us at 314-334-0210 or 877-334-0210.


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Distressed Mortgage Primer – Warning Signs & How To Stop Foreclosure

October 29th, 2010

Reading up on how to stop foreclosure after being foreclosed or when it’s about to happen is not a good idea. It still is possible to save your property, but the chances get slimmer with each passing day. For those unable to meet mortgage payments, the best period to act is a long, long time before that.

The foreclosure is a result of a drawn-out process that involves several stages, each of which offers the borrower an opportunity to settle the matter. The dispute becomes legal only when a series of letters and notices go unanswered. For the lender, the foreclosure is a loss and a messy affair, which is why the lender is always open to a negotiated settlement.

When the mortgage payments on a loan stop coming in, the lender usually sends a reminder or two. If these letters are ignored, the lender has the right to bring in the legal team. The lender’s lawyer then sends a legal notice, which warns the borrower to clear the pending amount within a set period – usually one week or a fortnight.

This is a very critical turning point. The house is in no real danger before this, and it is in real danger after the notice period. A distressed home owner should consider this a final opportunity to appeal to the lender for more time, or a refinancing deal. It is also a good idea to bring in a mortgage help consultant or a consumer advocate to help convince the lender.

After this stage, if still unresolved, the matter goes to court. Once this happens, the chance to make a deal directly with the lender is less easy, since legal costs have to paid, and the matter has to be settled to the satisfaction of the court. After the lender gets the court’s permission to foreclose on the property, there isn’t much room left to save the house.

At this stage, the house will almost certainly slip out of the owner’s hands, but it is still possible to save at least a part of the money that has already been paid to the lender. A distressed mortgage property has many takers, including companies that specialize in buying such properties and settling all claims made by the lender. The home owner gets to walk away from the legal mess with some cold, hard cash in hand – a situation that is a lot better than foreclosure.

To sum it up, when the notices start arriving in the mail, it’s time to start figuring out a way to pay the lender, ask for more time or find help to negotiate refinancing. Ignoring the notices won’t make the problem go away, and will only make it worse. If there is no other way to stop foreclosure, then disposing the house is a better alternative to clear all the debt and get back some of the money already paid into the mortgage.

With the advice we have, you could prevent property foreclosure. If you have recently been served foreclosure papers, then really, you do not have anything left to lose. Unique version for reprint here: Distressed Mortgage Primer – Warning Signs & How To Stop Foreclosure.


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Useful Information On Purchasing Connecticut Foreclosure Homes

September 28th, 2010

Many people are turning to foreclosed property as a source of business investment or even for personal use. Although there are benefits for purchasing foreclosed properties, this decision must be taken seriously because of the risks involved. Connecticut foreclosure properties are no exception.

Do your research on any potential foreclosed home you are considering. Find a property that not only fits your budget but also your needs. This may be a difficult undertaking, but it is necessary to make your investment worthwhile. Make sure you are familiar with the foreclosure laws and procedures in your state.

Determine where in the foreclosure process the home stands. Usually if it is in the pre-foreclosure phase you can deal directly with the homeowners. This may be a sensitive area because owners are usually about to be forced into foreclosure, thus, proceed accordingly. A benefit of catching a property while still in pre-foreclosure can help you avoid the hassles that come along with dealing with the bank. This may give you increased bargaining power, that you may very well not have when dealing with a bank.

Get your finances straight early on. If you are not paying cash than consider getting pre-approved for a loan early on in your search. This will help you act on a property when you are seriously interested. It will also give you a serious hand when dealing with sellers. Being financially prepared can help you capture the ideal purchase when it comes along.

Find a property that fits both your budget and needs. You can find several websites that are dedicated to foreclosure properties. An online database can help you find out particular details about a home such as exact address or its interior landscape. A picture of the outside of the property is usually included.

Narrowing your search to a few serious potential properties can help you move on to the next phase of research. This includes finding out what kinds of schools are in the nearby area. Consider whether there are facilities to accommodate your recreational interests or not, if this is of importance to you. Keep in mind that an area that keeps you close to places of interest to you will help you make the most of your investment.

Make sure to view the property, if possible. If you are able too, this is your chance to compare reality to the listing you seen online. Check out what kind of shape the house is in, in terms of plumbing, structural damage and the like. You may want to consider asking someone knowledgeable in this area to come along with you for a second opinion, just in case you miss something.

Doing a title search on your Connecticut foreclosure will help you find out is outstanding debt on the property. If a homeowner was forced into foreclosure they possibly may have other outstanding loans on the home. If you purchase a home without thoroughly investigating its title, you may actually be inheriting troublesome debt.

Learn how easy it is to take advantage of the benefits available by Connecticut foreclosures today! You can find your dream home that will meet your budget requirements by getting a Ct foreclosure now!


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Rising OA Condo Fees Can Result In Foreclosure: Protect Yourself

September 25th, 2010

Condominium ownership isn’t always pretty. Beneath the glossy image of high living lurks the reality of OA condo fees and foreclosures.

Should you find yourself becoming threatened by OA condo fees you’ll want to educate yourself and make good choices to help avoid foreclosure.

Home owners’ association condo fees are monthly, quarterly, or yearly fees that condo owners must pay. These fees represent every condo owner’s share in the expenses for general upkeep and operations of the condo.

OA condo fees usually include pool cleaning and maintenance, building amenities, garbage disposal, and other services. It may also include insurance for damages caused by people or natural calamities.

The annual cost of these services is determined and divided among the condo occupants. During a time where occupancy is down the annual cost would be divided among a smaller group of people thus making each resident’s individual costs higher.

When fees start to skyrocket because there are fewer and fewer unit occupants, unit owners may discover they can no longer pay. Cases like that usually lead to foreclosures.

It is not unusual for an owner who is behind on their OA fees to find themselves threatened by the home owners’ association. In an attempt to collect on your debt you could be sued for foreclosure. If this happens the result could be that the association gets you to pay your back fees but also manages to have you ousted from the building.

Being forced into foreclosure proceedings because of your home owners’ association would be hard to swallow. There would be many repeat visits to court and piles of papers to manage.

The sooner you consult with a qualified foreclosure attorney the better off you’ll be.

It is the job of a foreclosure attorney to be highly educated on all aspects of the foreclosure process. They likely have handled many similar cases before and will know how to make the process as easy on you as possible.

To learn more about foreclosure or to find a qualified foreclosure attorney visit www.ChangandCarlin.com Free reprint avaialable from: Rising OA Condo Fees Can Result In Foreclosure: Protect Yourself.


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Protect Your Personal Property With Liability Insurance

September 20th, 2010

Your liability assets are the strongest part of your financial background. They are also your most endangered assets because they can be involved in unexpected accidents. You want to make sure you’re prepared for these accidents by protecting yourself with insurance.

Your house or car is an asset, and no matter how careful you are with them, they can be involved in unwanted accidents. These accidents can produce annoying lawsuits accusing you of negligence or reckless endangerment and demanding huge compensation and even punitive damages.

Obtaining liability insurance for your vehicle and property will act as asset protection and help you cover costs that may accrue in the event of an accident.

Alternatively when you are a small business owner you may find yourself responsible in the event that an employee were to have an accident while at work. No matter how safe your employees behave on the job there is always the chance an accident could occur. If you have not insured your business you would responsible for any payouts.

An on the job accident could be an employee who slips on some water on the floor or falls on the stairs.

When you have liability insurance you can rest assured that you are covered financially in the event of a lawsuit. Without the insurance you would be financially responsible yourself.

In addition to insuring your small business you can set the business up as an LLC (limited liability company) which helps to protect your personal assets in the event of an unforeseen accident.

Educating yourself on the options available to you is another great way to keep your assets from being taken away. Learning about the law surrounding chapter 13 bankruptcy is a great example because it could keep you from losing your assets.

Chapter 13 bankruptcy can help you keep your assets. It is possible to stop foreclosure by planning a new payment schedule against your mortgage and lowering payments over a 5 year period. This is a good example of why it is so beneficial to understand the law.

You can use chapter 13 bankruptcy as another method to insure your assets are safe.

Looking to find a qualified attorney, then visit www.changandcarlin.com to find the best advice on chapter 13 bankruptcy for you.


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Credit Repair Tips To Help You Avoid Bankruptcy

September 19th, 2010

Creditors have to determine what kind of a risk it would be to loan you money. All debtors are a risk to creditors however it is those they view as a good risk that will ultimately get the loan. In order to reach your goal of being seen as a good risk you need to first take action to raise your credit rating. A good credit score is the best way to be seen in a good light by a creditor. Use these tips below to start increasing your credit score. Keeping your credit score high is also a great way to keep bankruptcy from becoming your reality.

1. Get your hands on a copy of your credit report.

If your score is below 400 you really need to take steps to repair your credit quickly. Even a score below 500 would set of warning bells in the minds of creditors. 600 and below is acceptable but you ultimately want your score above 600 so that creditors will see you as a good debtor capable of paying them back their money. Your credit score is yours and there are many free credit reports available that will help you keep tabs on your score.

2. Consider loan consolidation

When you take your current debts and consolidate them into one loan you are likely to reduce your total monthly payment. It will also make it easier to pay off these debts.

3. Pay on or before the due date each month

Loan consolidation is a tool to help you. It is vital that once you consolidate you pay your monthly balance by the due date. You want creditors to notice you commitment to getting this debt paid.

4. Make bankruptcy a last resort

There is nothing worst that you can do to your credit score than file for bankruptcy. Having bankruptcy on your credit record means getting a small loan, buying a car or buying a home would be virtually out of reach. Bankruptcy stays on your credit report for 7 years and that is a very long time.

If your debt has become out of control and you are considering filing chapter 7 bankruptcy make sure you learn about what is involved in a bankruptcy proceeding and consult with a qualified bankruptcy attorney.

Learn more about chapter 7 bankruptcy. Stop by David Chang’s site where you can find out all about bankruptcy proceedings and what we can do for you.


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Tips To Keep Yourself Out Of A Con With An Arizona Foreclosure

September 7th, 2010

For awhile it seemed like buying foreclosed homes is a great way to save a lot of time and money. However, when you are looking to buy an Arizona foreclosure there are a few different aspects you need to be aware of. This AZ foreclosure guide will help prospective homeowners know about the dangers that just might lurk.

You will never be able to work with the banks on a lower price for a foreclosed home. When you look over the home with your agent and you read over the specs, the price that you see is the price that needs to be paid. Make sure that you factor in other possible costs as well so that you do not run into any trouble.

Foreclosed homes are not like typical homes that you see on the market today. The as-is sticker is usually attached to the home and what you see is what you are going to get. And Arizona foreclosure could have a number of things that need to be worked on before you move in and typical homeowners are not prepared for all of this. Keep this in mind when you are thinking of saving some money you will end up spending on the home later.

When you start to move through the buying process you will need to think about the closing costs. This is more money that you will have to pay out of your own pocket or through your lender. Make sure that you connect your lender with the bank that you are trying to purchase the foreclosed home from so that you can keep the process moving.

Lenders and banks do not usually loan money for someone to buy an Arizona foreclosure. Foreclosures are not a very good investment unless you have the time and money to fix it up and sell it all over again. Banks will not contact you after you drop off an application simply because the application might not be looked over for a couple of months.

There are plenty of ads and outlets to seek out foreclosed homes but the fact is, banks that you need to contact are never available. Once in awhile you might get a call back but if you do not answer right away you might have to wait even longer. Leave your messages with recordings about homes until someone finally gets in touch with you.

When it comes right down to it, saving 25 percent on your foreclosed home is not going to be as good as spending the extra cash on a better home. There is a lot of appeal for these foreclosures simply because they need to be taken off of the market as soon as possible. Banks are losing interest simply because they do not see the rise in sales for foreclosures.

Avoiding the Arizona foreclosure scene may be difficult in this economy but you can still find some hidden gems. Get with an agent that knows what to look for and get what you need. Watch out for lurking foreclosure homes that will only set you behind and keep looking for your dream home!

Discover the many Az foreclosures that you can get for cheap. These Arizona foreclosure chances should be looked into closely. Discover your new home now by going online.


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