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Don’t Be Fooled Again-Avoid Underwater Mortgage Advice Scams
| Guest post by: Bud Gragg |
Article Overview: If you're like Kristin and me, you've already been fooled once-fooled by the real estate bubble into thinking that it would never be possible for you to be faced with an underwater mortgage. We all know how well that's worked out for us, don't we? But if you're in an underwater mortgage now, don't let yourself be fooled again (with thanks to The Who) by falling for one of the underwater mortgage advice scams out there.
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Free Download - Underwater Mortgage Meltdown: What Caused This Mess? By Bud Gragg |
Don’t Be Fooled Again-Avoid Underwater Mortgage Advice Scams
If you're like Kristin and
me, you've already been fooled once—fooled by the real estate bubble into
thinking that it would never be possible for you to be faced with an underwater
mortgage.
We all know how well that's
worked out for us, don't we?
But if you're in an
underwater mortgage now, don't let yourself be fooled again (with thanks to The
Who) by falling for one of the underwater mortgage advice scams out there.
No one is going to be able to
make your underwater mortgage go away, no matter what they promise and no
matter how high their fees. And they won't be able to give you any advice that
you can't get from actual legitimate sources for free or for the small price of
an e-book!
What they might do, though,
is give you mortgage advice that will actually set you back or that might even
be illegal. An underwater mortgage is more than challenging enough without that
kind of help!
In one common underwater
mortgage scam, a “short-sale service,” will offer to represent you in your
short sale—for a fee, of course. Then the service gives a low-ball offer from a
“straw buyer” to your mortgage lender. When the mortgage lender accepts, the
service then flips the house to a new, legitimate buyer with a higher offer,
and keeps the difference for itself.
This is called fraud. And
since you hired the scam artists, you could be on the hook for it.
The fact is that there are a
lot of legitimate real estate agents available to help you through the short-sale
process. And while you may want an attorney to help you look things over before
you choose to foreclose, you can learn all you need about strategically
defaulting on underwater mortgages from this website and other legitimate
sources like it.
You also don't want to let
yourself be scammed by your mortgage lender. The mortgage industry is outraged
about people strategically defaulting on underwater mortgages. How dare we
treat our contracts exactly the way that other businesses do?!? Your
lender and people representing the mortgage industry—including members of the
federal government—will tell you that your life will be ruined and that you're
an irresponsible person if you walk away from an underwater mortgage.
What's that, again? In
February 2010, the Mortgage Owners' Association defaulted on their own
headquarters! Why? Because their mortgage was underwater!
Kristin and I think we've all
let ourselves be deluded by these stupid, dishonest double standards enough,
don't you?
The fact is that you aren't
out of options at all when you discover that your mortgage is underwater, even
if you're seriously underwater by 20% or more. But you can't listen to people
who have a financial stake in your decisions if you're going to have a hope of
making good choices about your family's financial future.
Finally, don't let anyone
tell you that you're alone in your underwater mortgage. If you're in this
situation, you're one of the 25% of homeowners in the exact same boat! So, no,
you didn't do anything wrong other than assuming that the financial services
community knew what it was talking about when it said that property values
would just keep rising. But we all know better now, right?
Where to Look for Help for Your Underwater Mortgage
Need Underwater Mortgage Help? Here’s Where to Turn
More People Walking Away from Underwater Mortgages
Don’t Look Back and Other Tips for Life after Foreclosure
Rebuilding Your Credit after Foreclosure on an Underwater Mortgage
Your Life or Your House: Key Questions to Ask Yourself If You’re Facing an Underwater Mortgage
How Did We Get Here? Why Underwater Mortgages Are at an All-Time High
Underwater Mortgage Loan Modification: Just a Band-Aid?
Coming Soon to Your Neighborhood: Falling Home Values Mean More Underwater Mortgages
Short Sale? Foreclosure? Options for the Underwater Mortgage Holder
Underwater Mortgage? Here’s What to Do
Short Sale Training Boot Camp for the Underwater Mortgage Homeowner
The Underwater Mortgage: What to Expect in Pre-Foreclosure-and Beyond
Underwater Mortgage Foreclosure Options- Yes, You Have Them and Here’s What They Are
LTV: The Key to the Underwater Mortgage
The Most Common Underwater Mortgage Mistakes-And How to Avoid Them
The Underwater Mortgage and the Cash-Strapped Homeowner
How to do a Short Sale on Your Underwater Mortgage and Avoid Foreclosure
Tsunami 2012: Why More of Us Will Find Ourselves with Underwater Mortgages
Dealing with the Bank on Your Underwater Mortgage Short Sale
Referred by: http://www.meetkarennewman.com/
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About the Author: Bud Gragg RSS for Bud's articles - Visit Bud's website Learn More Here Click here to visit Bud's website   There is Life After a Short Sale or a Foreclosure How to Do a Short Sale and Why LTV The Key to the Underwater Mortgage Cant Afford the Payments Free Mortgage Advice from a Realtor Short Sale Training Boot Camp for the Underwater Mortgage Homeowner |
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