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Beware Of Reverse Mortgage Scams By Terry Stanfield Reverse mortgages are being used by more and more seniors in an effort to get a loan that does not have to paid back until they move or die, giving them the funds they need to pay for their own long-term care, without relying on family or insurance. It is an incredibly popular practice for those over the age of 62, who own a home and don't want to be a financial burden on their families. In fact, they are the most popular type of loan for Americans over the age of 62.
However, seniors who are in need of some loan cash sometimes fall into the traps of reverse mortgages scams through fake websites and reverse companies who charge too much. This is a horrible situation for a senior to be in, because they may lose thousands of dollars to the scam artists, turning them into a severe financial burden for them family.
Usually, the scam is perpetrated through telemarketing, with the senior being contacted by phone and convinced into giving up their personal information for the 'loan'. The personal information is then used to steal the senior's identity, often taking out a loan in their name, but making the senior foot the bill for the interest charges and monthly payments.
In the case where the senior thinks they are dealing with a legitimate company, they may be dealing with a phony reverse companies. These companies will charge six to ten percent of the entire loan amount just for the senior to get the name of a reverse lender. This is one of the most common types of scams. You can actually get information on who provides reverse mortgages, free of charge, from the Department of Housing and Urban Development.
As a result, if you are looking for a reverse mortgage, you need to be incredibly careful not to fall into the trap of a reverse scam. You should always make sure that before you sign anything, even if the agent is urging you to, you do your research into the company
Today's Top Stock Picks - Sponsored Link Ad - FREE Daily Alerts On Stock Gains Topping Charts Over 600%!!! Mesa Law Group Withdraws Lien Elimination Program -- Mesa Law Group, an innovative California-based law firm with specialty financial services, reports its recent Home Owner Mortgage Restructuring (HOMR) program has been discontinued. Created to offer clients a principal reduction option, the program Todays Women: Mothers and Leaders for this choice. In many cases, a mother works because her income is necessary to help pay the mortgage, buy groceries, or put a child through college. Some just like to work. And the marriage tax, which unfairly targets husbands and wives who are Donna Edwards* I held several foreclosure-prevention forums to assist families who met with housing counselors, pro bono attorneys and their mortgage lenders. I will continue to fight for jobs, homes, small businesses and families.' Why should voters elect you? 'I Mesa Law Group Withdraws Lien Elimination Program -- Mesa Law Group, an innovative California-based law firm with specialty financial services, reports its recent Home Owner Mortgage Restructuring (HOMR) program has been discontinued. Created to offer clients a principal reduction option, the program UK agency fines Goldman Sachs $27 million of their minds," said Margaret Cole, the FSA's managing director of enforcement and financial crime. The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman client NFL Armageddon 2011: Prelude to a season once the norm, owners are now pouring much more capital into state-of-the-art facilities essentially saddling them with enormous mortgage payments. The owners believe that the players should account for their risk and the bounty (in the form of Time for a cooling-off rule Arberry. (His only real detriment is the repeated tardiness with which he seems to pay his taxes and mortgage; it was only a few days before the hearing that he settled up more than $3,000 in back taxes.) But Arberry's skills and relationships are also Stocks drop 1.44% amid tightening worries in housing prices, Beijing is expected to act cautiously to phase in stricter tightening measures, such as increasing mortgage interest rates, or rushing to impose the much-talked property taxes. By People?s Daily Online Home Retail braced for profits fall explained do remember that your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. All mortgages are subject to underwriting, status and are not available to people under the age of 18. Find out how this happened, Morrisons considers internet push explained do remember that your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. All mortgages are subject to underwriting, status and are not available to people under the age of 18. Find out how this happened, UK agency fines Goldman Sachs $27 million of their minds," said Margaret Cole, the FSA's managing director of enforcement and financial crime. The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman client World Cup sparks fall in HMV sales explained do remember that your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. All mortgages are subject to underwriting, status and are not available to people under the age of 18. Find out how this happened, UK Agency Fines Goldman Sachs $27 Million of their minds," said Margaret Cole, the FSA's managing director of enforcement and financial crime. The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman client Goldman Sachs fined $27 million for failure to notify about investigation pay $550 million ? the largest penalty against a Wall Street firm in the SEC?s history. The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman client Paulson & Co., a Are Berkshire's poor worse off? a month to live on. 'Because I own my own house, I lose £420 of that on my mortgage. My bills come to £598, so that leaves a difference about £40 to buy food and clothes.' Kathryn said she did not go out to work as she would struggle Clegg: Recovery will be choppy of our economy are not over-reliant on the public sector." Top tips on the homebuying process, from mortgage selection to moving-in day. Car, home , health and more - compare leading brands with one search. Make sure you are not a victim of id fraud by Goldman seen paying $30 million British fine planning multibillion-dollar bonuses for its staff. The British agency said it would work closely with the SEC. The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman Cheque use down 10%, figures show we're years away from cash falling out of fashion." Top tips on the homebuying process, from mortgage selection to moving-in day. Car, home , health and more - compare leading brands with one search. Make sure you are not a victim of id fraud by getting FSA fines Goldman Sachs 17.5 million pounds for its information, said Goldman Sachs failed to disclose that Fabrice Tourre, the trader who helped create the mortgage derivatives, was under investigation. The Financial Times reported that the fine could be announced by the Financial Services Low interest rates causing swells in mortgage industry Extract not available. Reasons to take help of a Torrance real estate inspection obviously necessary for a individual who is looking for any sort of credit in the shape of a mortgage. If anybody wants to know what a home inspection means, it implies that your house is going to be inspected out by a , working either for himself or for Goldman Sachs fined $27 million for failure to notify about investigation to pay $550 million the largest penalty against a Wall Street firm in the SEC's history. The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman client Paulson & Co., a Goldman slapped with $27 million fine by U.K. FSA Morgan Chase & Co.'s /quotes/comstock/13*!jpm The regulator has also fined and banned several former employees of nationalized mortgage bank Northern Rock for concealing information about the true extent of delinquencies and repossessions in its mortgage Zhongkun revives resort project farmland in Nashville, Tennessee with the goal of constructing a resort. However, after suffering from the US subprime mortgage crisis in 2007, Zhongkun suspended the Tennessee project. Given the huge domestic market and handsome profits at home, very UK agency fines Goldman Sachs $27 million of their minds," said Margaret Cole, the FSA's managing director of enforcement and financial crime. The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman client UK watchdog fines Goldman Sachs $27 million Goldman agreed to pay $550 million to settle civil fraud charges over how it marketed the Abacus subprime mortgage product, ending months of negotiations that rattled the bank's clients and investors. The Abacus product was marketed by French banker UK agency fines Goldman Sachs $27 million for failure to notify about US investigation of their minds," said Margaret Cole, the FSA's managing director of enforcement and financial crime.The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman client Paulson American Mortgage Acceptance Company Financial and Strategic Analysis Review American Mortgage Acceptance Company (AMAC) is the U.S. based real estate investment trust (REIT). The company is principally engaged in providing real estate loans and finances across the U.S. AMAC UK agency fines Goldman Sachs $27 million of their minds," said Margaret Cole, the FSA's managing director of enforcement and financial crime. The mortgage securities at issue in the SEC case cost two European banks that bought them nearly $1 billion while allegedly helping Goldman client IBSYS.media.ImgLoader.delayView({ el: 'img_N31.30F4', imgs: ['/2006/1108/10275300_80X60.jpg'] }); rules are too restrictive. Be sure to research what monthly fees you would pay, in addition to your mortgage, if you lived in a condo, as well as what utilities or other services are covered. Realities Of Condo Ownership Condos and homes designed for
to find out if they are a) legitimate and b) financially stable.
It is also an excellent idea to sign the contract in the presence of a lawyer, advisor, or your children. This will help to avoid the tactics that have been laid by the reverse scam artist. However, if you simply want to avoid becoming a part of reverse scams, then you should simply not do your reverse dealings over the internet or phone.
Conclusion Reverse scams are one of the worst scams perpetrated by scam artists because it prays on the elderly and their desire to be financially secure after they have left the workforce. All reverse scams do is rob them of their money by forcing them to pay large sums up front, or by stealing personal information. To make sure you do not fall into a reverse scam, do your research and never, ever sign anything under pressure, or pay money up front without consulting an adviser first.
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rental positive equity,negative cashflow,return keys to bank I have a rental with positive equity, negative cashflow potentially endangering my small reserve fund and possible even my own home (same lender). Loan is a recource loan.
A helpful answer suggested I attempt to convince the bank to give me a "deed in lieu of foreclosure". Why can't I just send them the keys? thanks Student Loan Question I was thinking I would set up weekly payments to apply toward the principal on a student loan and continue to make the regularly scheduled payment. I pay half and my son pays the other half. The payments were taken from our accounts prior to the due date. When we received the statement it reflected no payments and indicated we owed two payments and had late fees. I called and was told the system cannot handle partial payments and it takes the system time to combine the two partial payments a... Chapter 13 Hello I was wondering if you get money back from your creditors or car lenders if you file Chap 13?
I am thinking of filing and also would like to cram down the 2 car payments I have. Example interest on cars will be about 5% instead of the 10% I am currently paying.
Did the free consultation she said that I can file Chap 13 wipe out all debt and just pay the car payments.
Confused! Quitclaim A friend of mine knows I am going through a tough time in these economic times. Lost a job in 06 and trying to recoup. I am doing ok now but have just about exhausted all reserves. My house I have 225,000 in, I owe 200,000 and now the market is bringing 140,000. I would keep the house but thats the problem, I am struggling financially. My question is (he said he did it once and it was better than a forclosure by far. He made up a Quitclaim deed and basically gave his interest back to the b... I was given a notice to vacate in new york I am the ex owner of the house and i was given a notice to vacate today. I am on unemployment and do not have the money to move. I think the bank bought the house back or another bank bought the house. I am not sure. What can I do? How long do I have before I have to leave. I am not a tennant so I do not get to have 90 days to save to move. Assuming a loan, between husband and wife Hi,
I have been married for just over a yr. My husband has left me twice and divorce is on the brink. He has been gone 75 days now and hasnt paid a single bill we have in both our names, nor a penny on the mortgage. Also Ipaid the majority of the down, he only contributed $1500.00 We moved into our home end of May, enough time to make it for the First time home buyers tax credit. My husband left me less then a month after we closed and moved into our new place. He left June 24th and it is no... Buying home if you already have an investment property Can you buy a home if you have an investment property that is being used as a rental? Will they require you to qualify to pay both mortgage payments without consideration of the rental income? removing ex spouse from mortgage My divorce decree states that I can keep the house if I remove my former husband's name from the mortgage. During the year long divorce procedure, I was approved for the Obama Home Remodification program. Now I can afford to continue to pay the mortgage and stay in the house. The bank says that since it's a "remodification" and not a "refinance", they can't change the name holders of the mortgage - my name and my ex's.
What can I do to remove his name from the mortgage... positive equity rental,return to bank I have a positive equity rental with negative cashflow. I like to return property to lender. Is this possible. If so how? mother deeded house to me but still has a mortgage My mother lived with me when my home foreclosed 6 years ago. (tried to sell it - unsuccessful). She purchased a home for all of us, and did a quitclaim to me right after closing. There is a 30 year loan on the property, which I have been paying the entire time and doing all updates and repairs. She passed away a few months ago and I have been paying the mortgage and haven't informed the lender. Do I have to tell them and can they force me to refinance? I am sure my payments would increase ...
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Proposed RESPA Reform
Mortgage brokers may have some intrusive rules from HUD to deal with.
When I read the news on HUD?s proposed reform of the Real Estate Settlement and Procedures Act (RESPA) I was skeptical. Cathy from Sequim challenged me to read the 96-page federal register document so we could all figure out what?s going on. I am here to tell you that there is one very good change coming out of this proposal. In fact, it?s so good that I am borderline hopeful that this change might do what legislation is suppose to do and what HUD forgot to do when they signed the original version of RESPA in 1974. But first, the changes that will have many, but not all mortgage brokers screaming bloody murder:
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Neocon-omics
How much can the Fed and the U.S. government do in the face of declining housing prices?
That?s been my worry since I saw the housing bubble peak in 2005. Historically, declines in housing prices take 3-4 years to bottom, which means we still should be at least half a year away. But after that, the economy doesn?t rebound instantly. It yo-yos for a bit - essentially running horizontal.
Fannie Mae and Freddie Mac have entered into cooperation agreements with New York?s attorney general to only purchase loans that meet a new home valuation protection code, the state announced. The code is effected on Jan. 1, 2009. Under the new code, mortgage brokers and loan originators are prohibited from choosing or communicating with appraisers.
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Choosing Second-best
How to leverage your second choice into seller concessions and a better deal.
So, rather than competing for the best house and paying top dollar, you can use it as leverage to get a lower price and seller concessions on a home that could be even more ideal for you ? after you do a little work.
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Price Depression
A forecast for more housing price depression.
My theory is that housing prices will continue to wilt as long as large levels of foreclosures and new home inventories run high. These are not traditional homeowners, and are motivated to slash prices, thus continuing to depress prices.
You should try to get pre-approved by a lender prior to shopping for a home. A pre-approval is a strong marketing tool when making an offer that may contain many a number of seller concessions. Telling a seller that you are already approved for a loan makes the acceptance of a low offer or one where he may be paying the closing costs much more palatable.
US News and World Report implies (hopes?) we may be nearing a bottom in housing prices but with a mountain of resets coming in the next few months, it?s difficult to see how a bottom can be seen or even predicted.
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Strike One
A look at role of mortgage insurance in FHA loans.
Regarding the second point: By not raising the loan limits they fail in one of the 11 ways they can help. I believe they will fail in almost all, but let us have hope. To be specific as to why I support this: FHA is not a government gimme. It is a government guarantee the mortgage will be paid or the lender compensated for losses. The program pays positive cash flow to the government in that there is a type of mortgage insurance fee charged the borrower. It is reasonable and more than pays for the reimbursements made to the lenders that suffer a default.
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Who's To Blame
Mortgage brokers share the blame with the rest of the industry in the current real estate mess.
Who is not to blame for the mortgage mess? Take one step back. As lenders, money was flowing from the spigot like there was no tomorrow. As mortgage brokers, there was money to be made by cranking the faucet, and it was a foot race to see who could get to the sink first. As agents, we sang the ?Houses are expensive, but money is cheap? refrain until we were blue in the face. And, as for the consumer, it really doesn?t matter in the final analysis whether they were motivated by necessity, opportunity or unadulterated greed. We all helped make this bed in which we now must lie.
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Trying To Move
Hard to move when you're house loses value.
I will continue to work from Los Angeles while we work on selling our house, which unfortunately is bad timing as housing prices have taken a bit of a dive around here. Once we have things settled over here, we?ll pack our things and move up to Seattle.
What else can you say to such a ridiculous report, such obvious sensationalism? The sad thing is, many people will read this wild hyperbole and imagine that the TV station?s salacious report has a ?point? to it.
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Home Buyers Returning This Fall
This blogger says lower mortgage rates will drive buyers to the residential real estate market soon.
Ten days ago after the Fed calmed the markets' credit panic with a 1/2 point cut in the Discount rate, I postulated that home buyers will come back this fall when the Fed finally drops the Fed Funds rate, and mortgage rates drop. It's now almost certain to happen. Here are the parameters in play now:
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Lead Scrub Rates
A look at the cost of a lead for a mortgage broker.
Joel has a good interview with Dave Wengel of TargusInfo around Mortgage lead scrub rates. Specifically that lendingtree and lowermybills have a 15% scrub rate whereas the free ipod guys (lure people in with promise of a free ipod but they and their friends have to signup for credit cards, netflix and talk to mortgage brokers to get it) have around a 50-60% scrub rate.
Having been an FHA lender I can attest it is a pain at times. FHA requires annual financial audits of the mortgage brokers financial condition and more. We always have survived the several day pain, and the expenses tied to it, but only FHA drags brokers through this. The actual banks that sponsor the mortgage broker go through even more red tape and grief. Loan officers have to know more rules. FHA doesn?t rely on the easy automated underwriting or the quick answer from a subprime lender. FHA restricts how the borrowers pay for certain expenses and how much the lender can charge.
