Logan Utah foreclosure fraud alert

KSL reports that Utah is ranked 13th in the nation for foreclosures, seeing an increase of more than 70 percent from October 2007 to October 2009. http://www.ksl.com/index.php?nid=148&sid=4820359 With this increase, the State of Utah is seeing more and more foreclosure fraud cases. If you are at risk of losing your home, do you know how to spot this fraud?

Utahn’s are being approached by companies promising to rescue them from foreclosure, offering to pay off the delinquent mortgage if the property is deeded to the company. The homeowner is allowed to stay in the home as a renter, with the option to repurchase the home at a later time. Unfortunately, often the only thing the company does is cash out on the equity of the home, eventually causing the bank to foreclose on the home and evict the “tenant”.

Homeowners should be cautious anytime they are approached by anyone offering unsolicited help in saving their home or credit. They should always make sure they understand aspect of any deal they make, and if they are not sure what they are being offered is legitimate, they should talk to their lender or a qualified counselor. HUD offers a list of counselors at their website http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

If you are at risk of losing your home, please call our Logan office at 792-4444. Perhaps we can help!

RE/MAX EXCEL

www.excelhomesutah.com