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Buyer Beware: Foreclosure Buy Back Mortgage Loans
from:One of the biggest scams out there that a person involved in foreclosures might encounter is the foreclosure buy back mortgage loans. To be clear, there are some honest investors that offer this option too, but it is definitely a case of buyer beware. You have to be certain you understand the terms of the buy back agreement so that you really do have an option to buy back the property as you assume is the case. Otherwise, the foreclosure buy back mortgage loans offered by some unscrupulous investors can be used to divest you of the home or place you in further debt.
The game starts when a person finds themselves in the foreclosure process. They are often targeted by reputable as well as dishonest investors trying to make a buck off of your predicament. While the honest investor might offer genuine foreclosure buy back mortgage loans, what the dishonest one will do is tell you one thing and have you sign something else entirely. So, be sure to pass any papers you sign by your own attorney if you are considering such a deal.
In the case of foreclosure buy back mortgage loans, you are generally required to sign the deed to your home over to the investor. In return, they might promise to pay off the outstanding balance and allow you to rent the property from them while you get back on your feet. The problem is that once you sign the deed over, you've lost the house and the odds of you buying it back are pretty slim. They might have very restrictive terms that make it impossible for you to buy back the property or you have to buy it back for far more than you sold it to the investor for by allowing them to pay off your account. Also, there are dishonest investors that might not pay it back and just use the remaining equity in the house with the deed to go out and get more financing for other deals, leaving you with the bill – if you remain listed as the owner of the house. Either way, the results of such deals are typically that the home owner is evicted, they are fleeced, or they end up buying back the property at a premium. If they really want that particular house and can find a reputable investor, then it might pay for them to do this deal, but it should be investigated thoroughly. You should have your own lawyer present throughout the deal to review documentation and make sure your interests are being met.
Illinois Foreclosure Loans News
Foreclosures in Illinois bogged down - Chicago Tribune
 Chicagoist | Foreclosures in Illinois bogged down Chicago Tribune Foreclosure starts in Illinois are on par with those in other areas, but the state's court-supervised foreclosure system continues to bog down properties in the process. Almost 7.5 percent of mortgage loans on one- to four-unit residential properties ... Illinois Third Worst State For Foreclosures |
Foreclosures: Illinois 3rd Despite National Improvement - HispanicBusiness.com
 e-wisdom.com | Foreclosures: Illinois 3rd Despite National Improvement HispanicBusiness.com oreclosures starts in Illinois are on par with those in other areas but the state's court-supervised foreclosure system continues to bog down properties in the process. Almost 7.5 percent of all one-to-four-unit mortgage loans in Illinois were in ... Mortgage Delinquency Rate in US Fall to 2008 Levels Illinois Swamped With Foreclosures Judicial States Continue to Skew Foreclosure Statistics |
Fitch Downgrades Two Classes of CSFB 2001-CF2 - MarketWatch (press release)
Fitch Downgrades Two Classes of CSFB 2001-CF2 MarketWatch (press release) The second-largest contributor to modeled losses is a specially-serviced loan secured by an 184000 sf office property located in Oak Brook, IL. The loan transferred to special servicing in January 2011 due to a potential maturity default (the loan was ... |
Veterans Face Ruin Awaiting Benefits as Wounded Swamp VA - BusinessWeek
Veterans Face Ruin Awaiting Benefits as Wounded Swamp VA BusinessWeek By William Selway on May 23, 2012 Rebecca Tews sat at her kitchen table in North Aurora, Illinois, stared into her laptop and tried to find a place for her family to live. The 43-year-old psychologist spent seven years fighting for disability benefits ... |
Single mother caught in a mortgage nightmare - KMOV.com
Single mother caught in a mortgage nightmare KMOV.com by Craig Cheatham / News 4 Investigates MADISON COUNTY, Il. (News 4 Investigates) -- Marsha Schmidt grew up in her Roxana, Illinois home, and helped rebuild it so that it's wheelchair accessable for her handicapped daughter. |