Home Loans and Mortgages ? Beware of Deed Theft Scam

The average home in the United States has a value of $206,000, a record amount. Real estate prices have been rising throughout the country during the last five years, and homeowners have seen the value of their property skyrocket. In California alone, the equity in private homes has increased by more than one trillion dollars in the last five years alone. Many homeowners do not even realize that their home may be worth hundreds of thousands of dollars more than they know. Unfortunately for them, a new breed of thieves is well aware of the value of home equity, and a scam known as "deed theft" has allowed them to steal homes from thousands of people.

Deed theft is simple in principle. The perpetrators of deed theft post flyers around town offering "foreclosure help." They seek homeowners with mortgages who may be experiencing some temporary financial setback that threatens them with foreclosure. It's not uncommon for people who have been living in their homes for years to have a sudden financial emergency that prevents them from making their house payments. Perhaps a job loss or illness is to blame. The economic downturn of the last five years has left a lot of people struggling to pay their bills, and these are the people that the deed thieves seek. Their flyers promise to help those in danger of having their homes taken through foreclosure. The thieves meet with the homeowners and ask to have the title to the home transferred to them. In exchange, the "rescuer" will promise to pay the delinquent bills and rent the home to the victim for a year or so at a fair price. During this time, they say, the homeowner can save their money or pay off other bills. At the end of that year, the victim can buy the house back from the "rescuer."

This seems like a friendly gesture, except that the "rescuer" has no intention of selling the home back to the victim. Once the title is signed over to them, they legally own the home. They may evict the victim, sell the home, or borrow against it, and there is little recourse for the victim, who is now nothing more than a squatter. Many of these victims fail to realize that they may have had hundreds of thousands of dollars in equity in their home or that their mortgage company may have been willing to either refinance their home or assist them in some other way with making their payments.

This scam is currently popular across the country and homeowners could easily avoid being victimized by simply calling their mortgage company at the first sign of financial struggle. Mortgage companies aren't really interested in foreclosure; they'd much rather get paid if at all possible. Before accepting the "help" of strangers who post signs on streetcorners, homeowners should start by asking help from those with whom they are already doing business. Doing so could not only save the homeowner money, it could save the homeowner's house.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.

---

Home Loans For People With Bad Credit - When you Should Wait and When You Should Get a Home Loan

Home loans may seem like a bad idea for people... Read More

Bad Credit Mortgage Loans - Are You Killing Your Chances of Getting Approved?

When you have poor credit, your list of lenders that... Read More

Home Loans and Mortgages ? The Selection Can Be Bewildering

For years, when someone wanted to purchase or refinance a... Read More

Home Mortgage Loans For People With Bad Credit

Getting a home loan with bad credit has actually never... Read More

Home Equity ? Is it Time to Cash Out and Move?

During the last five years, home prices have increased nationwide.... Read More

What is a Capped Mortgage?

A capped mortgage is a variable rate mortgage with a... Read More

Applying for a Home Loan

Applying for a home loan may not be the most... Read More

Adjustable vs Fixed Rate Mortgages

Mortgage rates can either be fixed for the duration of... Read More

The Zero Down 80/20 Mortgage

This is an excellent loan for those that are lacking... Read More

The Power of a Home Equity Loan to Pay Down Debt

Households across the country are finding themselves in a similar... Read More

Understanding Mortgage Basics

As common as mortgages are, there are a surprisingly large... Read More

Secured Homeowners Loans ? In Case You Thought a Home is Worth Few Dollars

Money is like music, if managed well, produces a good... Read More

Secrets Your Banker Wont Tell You - Which Loan is Best for You?

Recently I was driving in my Car and I heard... Read More

How To Get a Mortgage If Youre Self-Employed

If you are self-employed, work on a contract basis, or... Read More

The Best Tactics for Getting a Quick Homeowner Loan

Trying to find a quick homeowner loan can seem difficult... Read More

Low Home Mortgage Interest Rate - Finding the Best Mortgage Rate

Interest rates are at an all time low, making now... Read More

Mortgage Loan Information - Know The Basics When You Refinance or Purchase a Home

If you are currently looking for a new home, chances... Read More

5 Ways to Use Your Home Equity Line of Credit

Your home is a source of pride and accomplishment. Did... Read More

Desperately Seeking Good Leads, The Adventure Driven Loan Officer

As loan officers, the word "lead" is by far one... Read More

What is a Reverse Mortgage?

Simply stated, a reverse mortgage is a loan that enables... Read More

What Your Mortgage Lender Is Not Telling You About Accelerated Mortgages

For years, mainstream banks and financial advisors have been recommending... Read More

Private Mortgage Insurance Basics

Will you be asked to pay Private Mortgage Insurance, or... Read More

Should You Get a Home Inspection?

It's very important, and in my opinion, mandatory to have... Read More

Home Equity Loan ? Not Just For Home Repairs, And Tax Deductible, Too!

Thanks to the combination of low interest rates and skyrocketing... Read More

Home Equity Loan ? With a Reverse Mortgage, Your Home Pays You!

The home equity loan has become quite popular in the... Read More

No Money Down Home Loan

Are you in the market to purchase a home but... Read More

What Length Mortgage Is Right For You?

You've found the home that is right for you, and... Read More

Home Equity Loan Tax Deductions

Interest - is an amount you pay for the use... Read More

Guide to Home Equity Loans

Here is a useful guide to home equity loans. A... Read More

Securing a Cheap Home Improvement Loan

Finding a cheap home improvement loan can be a challenge... Read More

Refinancing vs Line of Credit

Refinancing vs line of credit are two popular options you... Read More

What is a Self-Certification Mortgage?

A Self-Certification mortgage is a mortgage designed for people who... Read More

The Truth behind Pension Mortgages

A pension mortgage may seem lucrative at the first sight.... Read More