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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.
Foreclosure Loans News
Loan Modification Programs - Modifying Your Mortgage Now Can Prevent Foreclosure - OpEdNews
 UPI.com | Loan Modification Programs - Modifying Your Mortgage Now Can Prevent Foreclosure OpEdNews Preventing foreclosure through loan modification is the most important step you can take to preserve and keep your house. The money for loan modification ... Helping upside-down home owners stave off foreclosure Decline In Late Mortgage Payments May Be A Positive Indicator For Foreclosures Program Will Pay Homeowners to Sell at a Loss |
Milwaukee Foreclosure Mediation Programs Help 50 Families - HULIQ
 Credit.com News | Milwaukee Foreclosure Mediation Programs Help 50 Families HULIQ Many foreclosure prevention programs are helping borrowers across the nation, but not in the amount needed. Too many consumers that are in need of loan ... New Short Sale Push May Speed Up Bank Loan Losses Short stack HAFA Provides Foreclosure Alternatives |
Banks Pressed on Second Mortgages - Wall Street Journal
 Wall Street Pit (blog) | Banks Pressed on Second Mortgages Wall Street Journal In April, the administration is due to launch incentives to boost alternatives to foreclosure for people who don't qualify for a loan modification. ... Representative Barney Frank calls for home-loan forgiveness Stress tests underwater Barney Frank Demands the Four Biggest US Banks to Write Down Second Mortgages |
Dem gov candidate wants to open Mich. state bank - The Associated Press
Dem gov candidate wants to open Mich. state bank The Associated Press ... low-interest loans to businesses and college students. The Democratic gubernatorial candidate said the state bank also could ease the foreclosure crisis ... |
JP Morgan: Foreclosure Sales Could Be Higher in Three Years - Wall Street Journal (blog)
JP Morgan: Foreclosure Sales Could Be Higher in Three Years Wall Street Journal (blog) Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, ... |