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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.
Home Loans After Foreclosure News
Bad Home Loans Top $72 Billion in 'Colossal Failure': Mortgages - BusinessWeek
 Bloomberg | Bad Home Loans Top $72 Billion in 'Colossal Failure': Mortgages BusinessWeek The banks are negotiating a settlement said to be worth as much as $25 billion with state attorneys general, and it may expand later to include some smaller lenders that made mortgage loans. While an accord could be announced as early as this week, ... 5 Booming Bank Stocks Poised to Fall Faulty Loans Top $72 Billion as Banks Seek Deal With Regulators: Mortgages Attorney General announces major lawsuit |
Michigan, others join foreclosure abuse deal - Sault Ste. Marie Evening News
 Christian Science Monitor | Michigan, others join foreclosure abuse deal Sault Ste. Marie Evening News The reduced loans would benefit homeowners who are behind on their payments and owe more than their homes are worth. The lenders would also send checks for about $2000 to hundreds of thousands of people who lost homes to foreclosure. AG Schuette Joins 40 AGs In Foreclosure Settlement To Help Housing Crisis and ... Foreclosure deal close in several key states Arizona leaning toward joining $25 billion foreclosure settlement with banks |
Home foreclosures decline, but completions rise - CBS News
 Bloomberg | Home foreclosures decline, but completions rise CBS News According to CoreLogic's latest national foreclosure report, released Wednesday, the number of loans in foreclosure inventory decreased 8.4 percent year-over-year in December 2011, and fell from 57000 to 55000 loans from November to December. Banks See Paying Bonus to Troubled Homeowners Beats Foreclosure: Mortgages 830000 U.S. Home Foreclosures Completed in 2011, Down 24% From 2010 Homes in foreclosure decline by 130000 |
More US states to join foreclosure-abuse deal - Wall Street Journal
 Bloomberg | More US states to join foreclosure-abuse deal Wall Street Journal The reduced loans would benefit homeowners who are behind on their payments and owe more than their homes are worth. The lenders would also send checks for about $2000 to hundreds of thousands of people who lost homes to foreclosure. Will I need to file bankruptcy after they foreclose on my home? Calif., NY Consider Foreclosure Deal |
After 3 Months of Protests, Glimmer of Hope For Some Excelsior Residents - Beyond Chron
 Beyond Chron | After 3 Months of Protests, Glimmer of Hope For Some Excelsior Residents Beyond Chron 08‚ 2012 It's been three months now that ACCE activists, municipal politicians, and local residents have protested the major bank branches in the Persia Triangle over foreclosure and home loan practices. Three months of hearing nothing but platitudes ... |