Foreclosure Scams that Occur in Wilmington - Owners Beware
As you may know, foreclosures are beginning to reach record levels. When there’s a chance that are people in pain, the dishonest and unscrupulous people within the world tend to come back out of the dark shadows to go after homeowners who don’t know any better.
Foreclosure scams in Wilmington have even picked up in recent years.
We’ve been working with homeowners a few times now, of course, we talk with homeowners in foreclosure every week. You must hear a number of the stories we’ve listened to of individuals in foreclosure taken advantage of by con artists claiming they are reputable “real estate investors.”
Every “We Buy Houses” Company Are Not the Same
You’ve seen the signs stating “We Buy Houses Wilmington “… or websites like ours that mention the phrase. Yes, we buy houses in Wilmington, and I’ll walk you thru a way to spot the difference between reputable house buyers and potential scams in our area.
To summarize: There are companies out there that buy houses from those who must sell. In most cases, that’s where the similarities from the scam investors and bonafide companies with great reputations like us stop.
In this article, I’m visiting walk you thru a number of the ways a tiny low percentage of individuals try and profit of homeowners such as you.
We’ve created a “consumer awareness” guide to help you see the businesses steer clear of and pinpoint the “we buy houses” companies you can trust. The bulk of home buyers are great people with high integrity. It is always those few bad apples that ruin it for everybody else.
Some Tips and Warning Signs that you just are also getting in A Scam When In Foreclosure
If you’re in foreclosure and are searching for an answer to avoid foreclosure and acquire foreclosure help in Wilmington, some “solutions” some but honest companies may worship.
Charge Upfront Fees to urge Mortgage Assistance From Your Lender – As Federal National Mortgage Association says, assistance is free. Some “investors” will try and make you pay for talking together with your lender about your mortgage to seek out an answer. Don’t fall for this. You’ll be able to speak with your lender about the mortgage and your options anytime with no charge or work with a corporation who will do your loan counseling for you free.
Signing Over The Deed To Your House To “Save” Your House – This sounds backward from the beginning. Some less reputable companies may tell you that you can sign away the deed to your house (essentially discarding ownership) to save lots of your home. As Fannie Mae says, never give up the act to your house unless you’re working together with your mortgage company to eliminate your debt or physically sell your home to its company. If that’s the case, ask the corporation to try and do everything at a local title company, so everything is reviewed by a third party. (always consult legal advice with a real estate lawyer before signing over your deed).
Don’t Unknowingly quit Ownership To Your Home – Some ways scammers have targeted homeowners is by telling them they’ll pay off their mortgage. With these scammers, they hide clauses within the paperwork that sometimes gives up your ownership rights to the house and transfers them over to them. A reputable company is fully transparent, no hidden clauses, and everything is going to be known before any documents are signed. But the same as above, always consult your expert to review any paperwork before you sign anything. Even when working with a reputable company, take great care to ensure all of the “I’s” are dotted and “t’s” crossed.
Claiming You Do not Need A Title Company In Selling Your Home –
Selling a property, whether you’re in foreclosure or have to sell quickly, should be conducted with the assistance of certain professional services. With every house that we purchase, we use a neutral 3rd party Title Company that handles the closing, drawing up closing documents and all other related paperwork. It ensures confidence with the house seller, and it makes sure there’s no funny business on either side of the transaction. If a house buyer says you’re visiting, do a “kitchen table closing” (actually signing all of the papers in your house) instead of a title company or attorney’s office… ask why. Table closings can work, but employing a title company or attorney’s office helps protect either side and ensures things are done correctly.
The Mortgage Payment Scam –
One way scammers have pulled a scam is by instructing the house owner to pay them the monthly mortgage payments (rather than the bank directly). The con-artist will then “handle paying the bank for your mortgage.” In no circumstances must you try this unless you get your mortgage company’s approval in writing. A number of these scammers will pocket your payments and never pay the mortgage company on your behalf. This only harms your credit further and causes you to be worse off than before.
Do Your Due Diligence And Do Business With Someone you’ll Trust
We buy houses in Wilmington and help people in foreclosure weekly. So we are familiar with the market and have seen plenty of tricky situations happen to homeowners who were conned by a scammer before they found us.
What we always say is to try to do your homework. Ask any “we buy houses” company many questions before you are doing business with them to form sure that they’re real, that they’re honest, that they will and can follow through with any offer they create you. Some investors make many offers and back out on those they don’t have the cash to close on. With Cash House Buyers of Wilmington, we only make offers on properties that we all know we will close on if our offer is accepted; no, if’s and’s or buts.
If you’re in foreclosure and wish assistance, or want to grasp your options, visit your local foreclosure assistance department, browse it, and schedule a free Foreclosure Prevention session with one of our foreclosure professionals. Or, if you need to sell your house quickly, we’d like to chat with you, study your situation and your house, and provide you with an all-cash offer within 24 hours of our talk. We can take action in as little as seven days. The beauty of the entire thing is that we’ll create the proposal, and there’s no pressure, no obligation, and no catches, you get the offer. From there, you can take as long as you need to review, run the offer by those you trust, or shop the offer around with other “we buy houses” companies if you want to. We’ll be here for you, and you’ll be able to start whenever it is right for you.