Steal My House – Real Estate Thieves
When I was a child thieves on television wore masks over their faces to hide their identities. They also wore hats and walked in a crouched position. You knew you were looking at a thief when you saw them coming. Today’s thieves have smartened up and traded the masks for suits. They smile, look you in your eyes, and steal right in front of you. They don’t steal bags of cash from banks anymore, now they steal houses. They walk right up to the homeowner and run “game”. Here are some examples.
The Foreclosure Game
“Hi mister homeowner. My name is FastMoney Makabuc. I understand you are behind on your mortgage payments and facing foreclosure. I can help you by purchasing your house myself. I’m going to negotiate a settlement with your bank so you can walk away free and clear. Don’t worry I have a very low deficiency judgment rate and my system is the best. Sign here.”
You sign a contract selling him your house while simultaneously giving him power of attorney over your property until it closes. The contract has no down payment, no sales price, and gives him the option to renew at his pleasure. His attorney becomes your attorney. He will negotiate a sales price with your bank that will allow him to resell your house at a profit to the next buyer. He puts your property up for sale on the market soon after. If the sales price he negotiated does not satisfy your mortgage, you may end up owing the bank for any unpaid loans. Don King would be proud.
The Renovation Game
“Hi miss homeowner. My name is Rita Renovator. I understand that you would like to renovate your home. I can help you with that. Come to my office in the next city and I will give you a renovation loan.” You show up to an office building in another city, you sign what you thought was a home equity loan. Two months later you notice that you have stopped receiving mortgage payment requests from your bank. You call to find out why and the bank informs you that you are no longer the owner. You sold your house to this company for an $80,000 renovation loan. You call the company back and they are gone. The office is gone. The lady is gone. Your house is gone. You contact an attorney who advises you to move out of their house, rent a place and take them to court to try and get the house back. Welcome to the next year in court. Guess where the $80,000 will go?
RULES TO AVOID THESE GAMES:
1. Do not sign anything you have not read.
2. Do not sign any contract your attorney has not approved.
3. If someone wants to buy your house, let them bid with everyone else in the market so you can get the highest price.
4. Contact a consumer agency to check them out before you give them anything.
5. Ask Rey
These are true stories that happened to homeowners in Mount Vernon this month.