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Countrywide Home Loans Foreclosure Department Article
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Foreclosure Bailout Loans: Scam or Genuine?
from:Of the many options facing people who are dealing with a potential foreclosure of their home, most will eventually hear about foreclosure bailout loans. These types of loans are provided by private investors who will charge high interest rates and provide the necessary cash to forestall a foreclosure. In exchange, they may buyout the mortgage at a loan to value ration of between 65 to 75% and lease the property back to the owner of the home for a period of time. Eventually, the investor returns the property back to the person in the home. These foreclosure bailout loans are supposed to work more like second mortgages, where the tenant remains the owner of the home. However, sometimes unscrupulous people end up owning the home instead. While there are genuine investors who know how to use this as a last-chance tool to save a home, there are many more scam artists who come into a home pretending to offer genuine foreclosure bailout loans when they are just trying to get the deed to your home. You have to be very careful when signing any documents with anyone claiming to be offering foreclosure bailout loans. Some states, like Florida, have even put legislation in place that clearly suggests that despite wording in documents, any bailout offers with a lease option are similar to mortgages where the current resident retains ownership of the home. This has kept people from being evicted from a home they thought they owned after going through foreclosure bailout loans programs.
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Countrywide Home Loans Foreclosure Department News
NY, Delaware AGs investigate mortgages
Attorney General Eric Schneiderman and Delaware's Beau Biden are investigating banks for failing to package mortgages into bonds as advertised to investors, three months after a group of lenders struck a nationwide $25 billion settlement over foreclosure practices. The states are pursuing allegations that some home loans weren't correctly transferred into securitizations, undermining investors ...
Read more...Hefty payments to reach military foreclosure victims
So far, several hundred military members who lost homes to illegal foreclosure actions by big banks and mortgage servicers have received settlements of $116,785 apiece for economic loss and emotional distress. They also have been paid any equity lost plus interest. The number of hefty payments to military members and recently-separated veterans likely will swell to several thousand, predicts ...
Read more...Race discrimination after foreclosure: Are communities of color treated differently?
(Special to the NNPA from the American Constitutional Society for Law and Policy) — The current foreclosure crisis constitutes a monumental civil rights issue.
Read more...Wells Fargo may face fair lending claims
(Reuters) - Wells Fargo & Co could face civil charges from the U.S. Department of Justice under laws that prohibit discrimination against minority homebuyers, the bank disclosed on Tuesday.
Read more...Legals May 16, 2012
Posted: Wednesday, May 16, 2012 3:00 am | Updated: 12:57 am, Wed May 23, 2012.
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