To a financially strapped homeowner terrified by the prospect of foreclosure, it sounds like an escape plan:
Temporarily transfer title of the property to a foreclosure rescue firm, which pays the mortgage and allows you to rent the house. The company promises that after six months or a year you can regain ownership.
But it's not always that simple. Terms of these deals are difficult for struggling homeowners to meet. And real estate experts say savvy firms often prey on elderly or low-income owners who are not sophisticated in financial matters.
read more: http://www.sun-sentinel.com/business/realestate/sfl-sbforeclose25jan25,0,7678449.story?coll=sfla-busrealestate-headlines
Friday, January 26, 2007
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2 comments:
For those of you interested in foreclosure rescue issues, you should know that scam victims are fighting back across the country by suing the scam artists and using what experienced real estate lawyers call, the "equitable mortgage" doctrine to void the title transfer to the "foreclosure rescue" operator.
This legal doctrine basically says that, even though you "sell" your home to an investor and you simultaneously rent the property back from the investor, a court may look at the entire transaction as a "disguised loan" (and potentially, a disguised usurious loan) structured as a sale leaseback with a "buy back" option designed by the "rescue" operator to avoid usury laws and to avoid the hassle of having to foreclose on the homeowner (thereby impermissibly stripping him/her of their equitable redemption rights).
Check out the blog:
The Home Equity Theft Reporter at
http://HomeEquityTheft.blogspot.com
for links to stories about "foreclosure rescue" scams & other "home equity theft" scams (& the people victimized by it) from around the country.
The blog posts on this blog regarding the "equitable mortgage" doctrine can be searched at the following link:
http://homeequitytheft-cases-articles.blogspot.com/2007/01/equitable-mortgage-table-of-blog-posts.html
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