Online foreclosure rescue services?
These sites seem to be very secretive on what kind of service they perform and it is hard to get an answer without going through a made up story.
Anyone have some in depth knowledge of what they are offering? Sounds like Chapter 13 to me!
http://www.debtbug.com/
www.homesaversusa.com
Quote:
On 2003-03-10 02:33, dansails wrote:
These sites seem to be very secretive on what kind of service they perform and it is hard to get an answer without going through a made up story.
Anyone have some in depth knowledge of what they are offering? Sounds like Chapter 13 to me!
http://www.debtbug.com/
http://www.homesaversusa.com
It looks to me that they do foreclosure bailout loans.
You refi with them so now everything is current. The rates are high but now the home owner no longer has to make a mortgage payment and pay on the late fees.
The initial review of application might lead to a refinance of the first or a second (doubtful), or a listing to place the property on the market for sale.
In my opinion, however, many of these clandestine offers of service are perpetrated by Deed Stealers implementing an equity theft. The homeowners are told that they are screwed anyway, so 'hand me the deed' stay in your house and pay me rent. I'll use your rent to pay the mortgage and negotiate a discount with the mortgagee. Then I'll sell the house back to you..."
Except, the rent isn't used to pay the mortgagee because they've stopped accepting payments, anyway.
The property goes to foreclosure sale interrupted by an occasional bankruptcy petition.
The Equity Thief collects rent for a few months, sometimes as long as a year before losing the 'cash cow' to foreclosure sale.
Quite common.