I was recently at an appointment with a homeowner who wanted to sell his home in Carmel Valley. For people familiar with the 92130 zip code in San Diego, it is an area that has held its value very well through the whole market crash and beyond. Which in turn means that we have less Short Sales than in many other areas in San Diego County and that also has translated into a market where Foreclosures are not as common widespread. Having said that, I do have to say that there are several homeowners that find themselves in a tough situation, and need to make a decision on what to do.
Some of this homeowners will sit down with me or other Real Estate professionals trying to get an idea of what their options are. At this point a reputable professional, will advise them to first talk to their lender, try to work something out and also will ask them as many questions as possible regarding their current situation, their short, medium and long term plans, their wants, their needs. This helps not only the person asking the question but the homeowner who is forced to go through the excercise of prioritizing and looking at the big picture.
Unfortunately, it is not entirely uncommon for people at this stage to do one of two things after a meeting with a Real Estate professional.
The first one, is for them to still ignore the problem and continue pretending like something will happen that will make things ok at the end. In this case I sometimes get contacted by them when it is imminent that they won’t be keeping the home. Sometimes we can still do something but we are so much more limited at that point and that is if we can help them at all.
Or the second situation that happens and it pains me as well, is that I get a call back a couple of days later saying that they have not called their bank yet but it is ok because they have found another option. While doing research on the computer they found a company that is guaranteeing they will save their home and solve their problem. Or something along those lines. Here is where I want to be very clear. I am ok with people using other reputable Professionals, I want them to succeed in their aim of solving their problem in the best way possible. However (yes and this is a big one) The are SCAMS galore out there pertaining to Foreclosure aid. If they are promising something that sounds to good to be true…you know the rest.
Now being a homeowner in distress you have heard this before yet how are you supposed to know who is legit and who is not. Why waste a good chance when it can turn out to be a true saving grace? right?
Here are just a few pointers to be aware, if you come across any of these, please, STOP, and do a lot of research or actually, just stop altogether and go somewhere else for help.
The following list was compiled by Brian Olenik from Corinthian Title who has spent ample time researching this matter.
- Anyone asking for a fee in advance, before providing any services
- Instructs you to stop making mortgage payments to the lender and instead start paying into an account that he will set up for you. It might be under his own name or someone else other that yours.
- Instructs you not to contact your lender, lawyer or consult with any of the people you trust in regards to this matter
- Requires payment only in the form of cash, cashiers check or wire transfer.
- Advises you to transfer your property deed or title to his or her company
- Fills out paperwork themselves without allowing you to fill it out.
- Encourages to lease your house and says you will be able to then buy it back at a later date.
- Requests something to be done immediately and without delay. This includes pressuring you into signing something that you do not fully understand or have not had a chance to read, or are not sure you feel comfortable with. In many of this cases, time IS of the essence, but some hours or one day to go over paperwork carefully are time well spent, not wasted.
- Offers to buy your house at a fixed price that is not set by the housing market at the time of sale.
- Requests you to give power of attorney
- Requests signatures in a grant deed or deed of trust.
- Request signatures in forms that are not completely filled out.
- Refuses or fails to give promises or commitments in writing.
- Promises that no matter what the circumstances are, he will be able to stop the foreclosure.
These are the most common types of scams that are currently happening, and although there are others not listed here, the main thing is to keep a level head, try to think things through, many of these scammers are amazing at getting people to trust them, they have explanations of why and how to most questions yet disappear two days after they have gotten what they wanted from you. This is the time when you want someone to help you look at thing from a clear perspective. Run it by someone you trust before committing to anything.
There are a few places where you can go for help. You should go to the HUD web site www.hud.gov there you will find valuable information on scams and foreclosures as well as a list of approved agencies.
There is also a special line created to guide and help homeowners , it is the Homeownership Preservation Foundation their number is 1-888-995-HOPE.
If you do come across a situation where you feel you are being a victim of a scam, you can contact:
California Attorney General http://ag.ca.gov
California Department of Real Estate www.dre.ca.gov
Department of Housing and Urban Development www.hud.gov
Federal Trade Commission www.ftc.gov
Your local Better business Bureau www.bbb.org
You can always start by talking to a trusted Realtor or Real Estate lawyer of your choice, they should be able to help you figure out what your options are and steer you in the right direction and in most cases they will do this as a free consultation, we certainly do this for any of our clients.
Please feel free to contact me even if you are not in the state of California I help guide you towards someone who is reputable in your area.
You can contact Rina and Sergio by going to our web site at www.SanDiegoExclusiveProperties.com and clicking on the contact us button or on any of our social media links.
But please remember, the sooner you take action the better your chances of having choices.
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