Dallas, TX, March 06, 2011 --(PR.com)-- As foreclosures continue to rise across the nation, homeowners in financial distress need to be vigilant in protecting themselves against con artists and scams, according to Oyezz Real Estate, a leading local firm specializing in “short sales” as alternatives to foreclosure.
“When someone is under financial stress, they are much more vulnerable to becoming a victim of fraud,” says John Anderson, president of Oyezz. “Homeowners have to look past the smooth talk and appealing promises and thoroughly research the people and companies they choose to help them address their problems.”
The number one rule, Anderson says, is that homeowners should never pay anyone or any company an up-front fee to conduct a loan modification, arrange a short sale, or stop a foreclosure.
“Lenders must be involved in any of these transactions, so there are no guarantees, and homeowners shouldn’t pay any money until the company delivers the agreed-upon results,” Anderson says.
Oyezz Real Estate specializes in short sales, which are an increasingly popular alternative to foreclosure. In a short sale, the property is sold for a price below the amount of the loan. The lender agrees to accept the sale proceeds as payment in full, and the homeowner walks away from the home free of debt and free of the "stain" of a foreclosure on their credit report.
For homeowners considering a short sale, for example, the agent handling the sale is compensated when the sale is complete, and a homeowner should never have to pay out-of-pocket fees.
Another fraud danger to homeowners is if anyone other than a title company asks them to sign a deed. This is a legally binding document that transfers home ownership, and could mean the homeowner loses the home with no guarantee that the lender will forgive the debt. There have been cases, Anderson says, where a homeowner signed a deed, was forced to leave the home, and the con artist illegally rented out the home for an extended period before the lender finally foreclosed.
Other tips Anderson offers include:
* Don’t let anyone push you to sign a contract immediately; reputable firms allow you time to think about your decision.
* Beware of anyone who asks you to make them a co-signer on financial documents, particularly those that could affect ownership of your home.
* Make sure any company you work with is legitimate, with a business address and website. If all you have is an individual’s cellphone number, that is not a good sign.
* Avoid doing business with someone who “guarantees” they can sell your home or get your loan modified.
* Beware of any home sale contract in which you are not formally released from liability for your mortgage.
“Homeowners facing financial difficulty and the threat of foreclosure have it tough enough,” Anderson says. “Unfortunately, that is the time when they have to be most vigilant about being taken advantage of. But vigilance is the only way they can make sure that a bad situation doesn’t become even worse.”
About Oyezz Real Estate
Oyezz Real Estate, based in Frisco, Texas, was founded in 2006 with the mission of helping individuals in the Dallas-Fort Worth area with difficult real estate situations associated with foreclosures, probate, and other challenges. The company specializes in short sales as alternatives to home foreclosure and also aids community improvement through restoring distressed homes. Website: www.oyezz.com
Article Source: http://www.pr.com/press-release/303436
For more questions about Short Sales in Maryland, DC or VA, you can reach us at the following:
Keller Williams Preferred Properties
9701 Apollo Drive, Suite 102
Largo, MD 20774
Website: BBT Team