As the number of Bay Area foreclosures quickly rise, the number of scam artists out there trying to prey on distressed homeowners in trouble is rising as well. Teresa Boardman of the St. Paul Real Estate Blog shared this video with us the other day and thought that I’d share it with you.
Even though I feel that this ad conveys an important message, I have to add that there ARE honest real estate investors out there who have the resources to create a win-win situation for distressed homeowners who wait until they’re neck deep in the foreclosure quicksand before reaching out for help.
The problem lies in that it’s exceedingly tough to figure out who the ethical investors actually are before signing away your deed. Also, even if someone is acting in good faith; do they have the experience to navigate through a complicated pre-foreclosure transaction?
The gurus smell blood and the foreclosure seminar circuit is booming and along with that comes scores of “investors” with little, or no experience.
It’s important to remember if you feel that you’re beginning to fall behind, the earlier you take action, the more options you’ll have. If you wait, your options will narrow along with any potential returns.
If you’re a homeowner who’s falling behind and is looking for information online, I’d recommend checking out The Foreclosure Report. Local mortgage broker, and all around dynamite person, Mike Mueller put this site together as an online resource for people in your situation. I’ll also be working on assembling resources for you on here, but The Foreclosure Report is a great place to start
Once you’ve done some research online, give a trusted real estate professional a call. Even if we can’t personally help you, we can probably point you in the right direction.
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Very good points!
“The problem lies in that it’s exceedingly tough to figure out who the ethical investors actually are before signing away your deed. Also, even if someone is acting in good faith; do they have the experience to navigate through a complicated pre-foreclosure transaction?”
I’ll also make the point that should never sign the deed over to anyone. If they control the deed, they control the house. That’s usually the first step in stealing your equity.