Freddie Mac, Mortgage Fraud, and “Foreclosure Help”
December 14th, 2007 Categories: Charlotte News and Politics
Are you facing foreclosure on your Charlotte Home? Know someone who is?
Watch this important video from the folks at Freddie Mac. Special thanks to Mary from Beltway Ramblings for this…
Remember, if you are already in trouble, and facing foreclosure, TALK TO YOUR LENDER.Now how do you know if you qualify, or don’t qualify for help under the plan released by the President last week? Here is an outline from a blogging buddy out west-Roberta Murphy, she is typically right on the money, so you may qualify if:
- Your mortgage loan is truly subprime. Traditional ARM mortgagees apparently need not apply.
- With FICO scores at or somewhat below 660.
- Who originated their home loan between 2005 and this past July 30.
- Who are relatively current in their mortgage payments.
- Who cannot afford higher monthly payments.
- Who have less than 3 percent equity in their homes.
- Who actually live in the mortgaged property. Investors need not apply.
- Whose mortgage rates are due to reset in the next two years.
- Who call their loan servicers, and begin the application process. Don’t expect them to call you.
You probably don’t qualify if you are one…
- Who is already facing foreclosure of your Charlotte home.
- Who have already refinanced their homes.
- Who are more than than 60 days delinquent on more than one payment in the past year.
- Who have high FICO scores (above 660, it appears).
- Who have prime adjustable rate loans.
- Who can afford the mortgage rate reset.
these are an outline, think you may qualify? Call the National Foreclosure Hotline’s toll free number for help:
1–888–995–HOPE
Thanks to my blogging friends for making this important post possible… I’ll be catching up on my posts over the weekend, hoping for a late night Friday ramblings session… as always, call me direct for help in buying or selling your Charlotte home. 704-351-1519
Here are couple of recent articles about the terrific Charlotte real estate market by
Extremely important post for all facing foreclosure in Charlotte NC. As always Terry you are out there looking out for Charlotte homeowners.
Great post Terry. I feel for people in these situations.
Terry - A timely post for homeowners in Charlotte who may be wondering if they qualify for the new rate freeze. -Paula
Excellent information for Charlotte homeowners on foreclosures… very timely, I might add! You are an excellent resource, Terry for buyers/sellers in the Charlotte area.
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Thanks for this post Terry. People in trouble need to know where to look for help. Let’s hope that people facing foreclosure in the Charlotte real estate market find your post and get help from an experienced Charlotte real estate agent, and don’t get sucked in by the low life scammers. Taking advantage of people in trouble is something I just can’t understand. Let the law of karma take care of the scum who take advantage of Charlotte home owners in trouble.
Critical information for Charlotte NC homeowners facing foreclosure.
Good advice, and great video.
A guy in Michigan was doing this exact same scam about 4-5 years ago, and was sent to jail for it. However, even after all that, and it being shown on TV stations and everything, he’s out of jail now and still at it! Just a few months ago I heard from a client who was taken in by the scam.
And it’s exactly as described in the video: show up with a bunch of innocuous documents, slip a quitclaim deed into the pile, and have the homeowners sign it anyway.
Another one of his scams would be to offer to buy homes with a lot of equity, show the homeowners decent terms and moderate closing costs, then show up at the closing with the title company with entirely different documents with enormous fees. The foreclosure victims were basically told to take it or leave it, and they’d be out of a deal if they didn’t go through with it.
Obviously, the same scams are being committed against the same classes of homeowners now as in the past: those with a lot of equity, and those who do not know any better. It’s too bad, but the lack of financial education in this country is simply enormous.
Freddie Mac and Fannie Mac just got some assistance from the federal government. While there was concern for a day or two it looks like things will be alright with banks still borrowing (at higher than expected rates) from the two financial giants.