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Posts Tagged ‘Scams’

Home foreclosure is becoming a far more common problem now then it was just a few years ago. Often it originates from one missed payment which soon spirals out of control. Before you know it you have missed three or four payments and the mortgage lender or bank wants you to pay everything you owe all at once, right then and there. Often this is a major burden to the homeowner and in the end they must decide on some sort of plan of action…this is normally where some one can fall for a scam.

Foreclosure scams are very common as much as the problem itself. Since homeowners believe that they have no choice they fall for these traps, which of course make their situation much worse than it was. Not only is the stress of the foreclosure an issue, but then the fallout from the scam starts…and brings additional stress.

The people who work these scams advertise online, publish advertisements in the local newspaper, distribute flyers, and call houses which are included on the foreclosure list. Sometimes they call themselves “mortgage consultants/real estate investment planners” who offer foreclosure services or advertise with “We buy houses” signs.

Then most common scams:

Bankruptcy/ Foreclosure Scam

The promise here is that the house will be saved. This is how the scam goes…They will either ask for the homeowner to pay their mortgage directly to them, hand over their deed and pay rent, or obtain refinancing. of course they don’t do ANYTHING to fulfill the other end of the bargain, they don’t contact your lender or obtain refinancing for you. They keep all the money and file bankruptcy without your knowledge. Only to use a diffirent name and do the scam agian on some other poor soul looking for help.

Since the homeowner is not aware that bankruptcy has been filed, they fail to participate in the case. The case is dismissed and the house continues onto foreclosure. Apart from loosing money and your home, you will also have a bankruptcy on your record.

Equity skimming

The scammer poses as a buyer. They then promise the homeowner to pay the mortgage or given them a sum of money once the property has been sold. The operator then convinces the homeowner to sign over the deed and move out. The homeowner can stay but they have to pay rent. If they opt to move out the operator lets a third party rent the property. The scam operator of course does not pay the mortgage and lets the mortgage lender foreclose all the while stemming off questions from the original home owner about where they are in the “process.”

In the event the house has equity, the scam operator sells the property and pays off the debt. (And of course keeps the equity that the homeowner could have had if they sold it.)

Should you find yourself facing ANY of the above mentioned situations….contact a local mortgage office and ask them if they have ever heard of a “program” like the one you would be offered…if they say no….call the local police and ask for the consumer fraud division.

Doc Schmyz has worked with investors all over the US. He built a free website shares Real estate investing information for all over the US. Find real estate information by state

Underscoring the fact that moving scams are as strong as ever, real estate expert and TV journalist Barbara Corchran talked on NBC about the various types of moving scams that are prevalent today, in the United States.

In her interview, Barbara cataloged the various types of moving scams. The first, she called “the hostage.” The main feature of the hostage, is that the moving company will give a low moving cost estimate and then after the customer’s goods are loaded on the truck, they will find pretenses to raise the move cost, and the customer has to agree to pay the increased fee or they won’t release his goods.

A second type of scam Barbara called “the bait and switch.” In this scam, the movers will hook the customer with a sweet low cost deal, and then once the goods are loaded, they will change the deal entirely. For example, they offer to make the move estimate in pounds, and then , on moving day switch to cubic feet.

Barbara explained how companies can raise the price, even after they have given a guaranteed estimate in weight. On moving day, she said, they will claim that the cubic feet of the load exceeded the expected amount based on the weight estimate. The language sounds so official that customers go along with it.

The third type of scam is the late delivery. Barbara explained that this might be caused by a company that bunches the customer’s goods in a truck with other family’s items. First they take the other guy’s stuff to the destination and the customer is left waiting for his delivery. Or, the truck may be impounded for violations, and the poor homeowner is left waiting for his goods until the truck will get back on the road.

Barbara had some valuable suggestions for how consumers can avoid falling into a scam. She noted that people should not give a deposit to moving companies. The furniture is the deposit,she said, and reputable companies do not ask for a deposit ahead of time. She also cautioned against signing any paper with blanks in it. Disreputable moving scam companies will readily fill in the blanks with additional stipulations or charges that will dramatically up the move cost.

Next, Barbara cautioned people to look at the moving truck carefully, on moving day. IF the truck is old and dirty, and does not have the company label on the side, chances are that company will treat your beloingings the way they treat their truck.

Barbara cautioned people who go on line to hunt for a moving company, to make sure the company is real They can do this by Goggling the address and determining if it is real.

Barbara closed with two more suggestions. Do not sign a contract that is one page or less, that is too small to contain all the pertinent details. And if you must make a deposit, do not pay in cash. With a cash payment, there is no proof that a payment was made, So if the company disappears, or fails to come through on their promises, you will have no recourse, in a court of law.

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Undertaking a move with “reasonable dispatch,” is a factor which is governed by numerous consumer regulations, and a growing number of laws, as well. The importance of these regulations cannot be overstated, in the face of numerous moving scams, which rely on delayed delivery of your goods.

The burgeoning of delayed moves, in the modern industry originates in the practice of online moving brokers, who contract moves with their customers, before they have lined up the company that will make the move. Because moving brokers usually land customers by offering a low moving cost estimate , they don’t have sufficient funds left over to readily attract interstate movers. So they put the goods in storage, and wait until 2 loads are going in the same direction, and then schedule the move. In the meantime, the customer is waiting for his goods, during a wait time, which all too often exceeds the delivery spread.

Once the move has exceeded the delivery spread, disappointed customers must rely on exigent consumer regulations and laws to light a fire under the feet of the moving brokers, who have already gotten their pay, and are generally not eager to go out of their way to push the move forward One important fact to know is that legally, movers have 30 days beyond the agreed upon delivery date to get the goods to the destination, before they are in criminal trouble. That’s 30 days beyond the delivery date, and not 30 days from pickup. And that is 30 actual days, not 30 business days, as some companies might claim.

Large moving companies will write into their tariff an agreed upon inconvenience fee, which they will pay per day for a move that goes beyond the move window. However, smaller companies, the type that are hired to make a move that is subcontracted, generally won’t pay that fee, even if they promise to pay something, while the move is delayed. They are generally only concerned with getting their full payment on delivery, frequently in non-refundable cash, and then they won’t subsequently pay a discount for late delivery.

When a consumer is in the midst of a delayed move, there are several steps he can take. If the company is main line and reasonable, generally continued communication will resolve the issue. If they won’t communicate, consumers should file a complaint with the FMCSA, with the DOT and should contact “Mover Rescue.” While police generally consider late moves to be civil problems, new regulations do give police the power to intervene as the move approaches 30 days over the delivery spread. So in extended delays, consumers can file a theft report at the police station closest to where they last saw their goods. Local police are not experts on the moving laws, and they generally will swing into action when it appears to them that as injustice has occurred, which might be somewhere between 30 days into the move up to 30 days after the beginning or end of the delivery spread.

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