We have seen scammers, tricksters, and thieves take advantage of the housing crisis and wondered how they have been able to get away with it… from false loan modification companies collecting upfront fees then doing nothing, to “Flopping” of short sale homes, to breaking into vacant homes in foreclosure and then renting them out, and more.
But it appears the authorities are now starting to put these criminals in jail. Here is a summary of a report from DSnews.com today, and a link to the full article:
Two men were sentenced to a combined 17 years in prison on Friday for their roles in a nationwide foreclosure rescue scam according to Christy Romero, the Special Inspector General of the Troubled Asset Relief Program (SIGTARP). Mark S. Farhood, 49, formerly of San Diego, California, and Jason S. Slant, 38, formerly of Lecanto, Florida, deceived hundreds of distressed homeowners into surrendering their properties to the men’s fraudulent company.
If you know anyone who is in foreclosure and needs the help of a Realtor who can help with a short sale or simply discuss the options, please let them know I offer a Free one hour consultation, and I never charge any upfront fees.
Banks do not want to take back the properties. Home values have risen and they are likely to continue at least a slow rise over the next few years. If the interest rate/payment can be reduced to a “similar to monthly rent” payment, and the homeowner is not too far under water, it is usually a good idea to stay in the home.
Homeowners who are way underwater, or simply unable to make even a reduced payment should consider a short sale. Here is a good website I set up for short sale information: www.startmyshortsale.com
NOTE: A homeowner should never “sign over” their house to a private party and “walk away”. And, a homeowner should never pay any “upfront fee” for loan modification services.
For questions about buying and selling real estate in Huntington Beach and Coastal Orange County, contact Scot Campbell.
He has been a licensed broker for over 22 years and has brokered over 1000 homes and just about every type of transaction imaginable.
Read his profile and client reviews at www.ScotCampbell.com
He can be reached at 714-960-0700 at the office, 714-336-0394 on his mobile number or via email at Scot.Campbell@ColdwellBanker.com