Orlando Homeowners: Avoid Foreclosure Scams

Written by admin on 28 January 2009

With foreclosures occurring in nearly every Orlando neighborhood, a mob of unscrupulous vultures has swooped in to prey on desperate homeowners. Here are a few things to watch for to protect yourself from their scams:

If you’re contacted out of the blue by someone claiming to be with your lender and offering to assist you with a loan modification, check caller ID and get a phone number to call them back to verify they’re with your mortgage company. Don’t trust a caller just because they have information about your loan. Basic loan details are public record and anyone can find out when you took out your home loan, the loan amount and the lender’s name.

If you’re contacted by anyone offering a guaranteed loan modification for you, you should know that you have to prove you have a steady source of income in order to qualify for the modification. If you’re told you don’t need income, you’re being conned.

If you’ve had a loan modification in the last six months and failed to keep up the payments, and someone is offering you another chance that seems too good to be true… it is too good to be true.

If you’re told you need to sign over the deed to your home to get the process started, don’t do it. This is a very common hustle; just say “no.”

If you’re given the offer of letting a new “buyer” assume the payments, don’t believe it. Assumable loans disappeared long ago, and it’s highly unlikely that your mortgage allows this option.

If you’re told there’s no need to contact the lender, a title/escrow company or a real estate agent, you’re being isolated so you won’t learn the truth.

If you’re told by anyone that they’ll pay off your first and second mortgages AND give you cash on top of that, you’re most likely being scammed. Orlando home values have dropped and unless you’re in an unusual neighborhood that’s held all its value, this offer should raise a red flag. Get a second opinion from a Realtor® you trust.

If you want to test the caller, ask them to mail or fax the details so you can go over the papers with your attorney. The response will probably be dead air as you’re quickly disconnected!

A Short Sale May Be Your Only Solution

So, if none of these “bailouts” is real, what can you believe and who can help? The truth is the only option for most homeowners upside-down on their mortgages may be a short sale and working with a Realtor® experienced with short sales. Your short-sale agent can negotiate with your lender and help you prepare the short-sale package needed to take this process from your first ray of hope to a successful sale.

Is A Short Sale Right for Your Situation? Find out today: If you live in Central Florida, contact The Orlando Property Group, your experienced short sales agents, specializing in real estate in Lake, Seminole, Orange, and Volusia Counties.

Seaching for a great real estate value in Central Florida? Need help with a short sale? Call or email me TODAY to go over your options!!!!!! Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

If you are wanting to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We’re experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We’re always available to answer your questions.