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The Straight Truth

By Jennifer Beeston @ Guaranteed Rate Mortgage

By Jennifer Beeston | Mortgage Broker
or Lender in California

Scam Artists strike again; Watch out Northern California

Whenever people are having a tough time there are horrible, pathetic, scam artists that jump out and pretend to be able to help. Either they have an "investor" that can save your home or what we are hearing about now are scam artists claiming they have found a way around the system. 

Mortgage Elimination:
Yes, they claim they can make your loans disappear by having their lawyers argue that the bank cannot provide proof they own your note.  They are taking excerpts from news articles and outdated court cases to present a very moving argument to people they are trying to convince to do this.
Problem is, this is nothing but a scam. 

Here is how the scam works:
1) They ask you to deed your house to their non profit.
2) They provide fake documents showing you being "released" from your loan.
3) They deed the house back to you
4) You have to sell the house immediately.  They get 80%.  You get 20%

Problem was your loan was never released.  They filed false documents with the register of deeds for the county so it looks like the loans were gone.  They are not
On your credit report it will show accounts "in dispute." They will tell you this is temporary and that your credit will soon be clean.  WRONG.  The account in dispute will become an account due and you no longer have the property but you still have the loans.  Joy!
 Check out article on a similar outfit that was shut down.  The difference with this operation is they have you sell the house which means you are not the only one being ruined but also the people who buy your house thinking it has clear title. Welcome to lawsuit city.  Keep in mind it is not only the scam artist who is going to be in trouble. The process implicates the homeowner from start to finish and by the time lawsuit city hits they will be long gone.  All they have to do is do this with 20 homes to be set for life. 

Note:  Scam artists are not always dark, shady types.  It could be a family friend or member of your church.  Greed is universal and people can justify anything if it suits their personal lifestyle.

Comments

By Douglas Zeller,  Wed Feb 9 2011, 16:10
Caution is always necessary. New and old scams just keep coming!
By Ruth & Perry Mistry,  Wed Feb 9 2011, 16:14
Good post.

Perry
By TerriVellios.Com,  Wed Apr 13 2011, 10:32
Excellent advice. These scammers are every where.

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