Common Reno Foreclosure Scams

In these crazy times you are going to get lots of calls from people wanting to help you with your mortgage troubles.  Be extremely careful as these people will tell you what you want to hear to get you out of trouble. Once there is a notice of default recorded it is public record that you are in trouble. There are people out there who will take advantage of you in this situation.  My policy is that I do not do business with anybody who has come to me via a sales call on the phone. If you need help, "get a referral from somebody you trust". Below I have listed just some of the scams that are currently taking place in our area.

Phantom help: The potential rescuer charges outrageous fees for phone calls that the homeowner could make themselves usually resulting in no help at all 

Bait and switch: The homeowner signs papers thinking he is bringing the mortgage current when in reality he is signing over ownership of the home to a third party.

Phony counseling agencies: Groups calling themselves counseling agencies again charging you large sums to do things that you as the home owner can easily do yourself for free.

The Bailout: In this scam the owner is deceived into thinking he can sign over title to the home and continue to live there and rent the home with the understanding he can buy it back over time. The terms are usually so erroneous that it is impossible for the homeowner that he loses possession and the perpetrator walks with most or all of the equity

Equity skimming: A potential buyer approaches you and wants you to sign over the property to him and move out quickly and promises you a sum of money or to get the mortgage paid off when it is sold. The new buyer will rent out the home, collect rents for a few months and then lets the home be foreclosed on.

 

dhughes@dicksonrealty.com

www.Homes-Reno.com

1-800-692-1193

 

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: