10 Foreclosure Scams
While "Short Sale Experts" appear to be everywhere, please do not ever give money to anyone who says they can help stop or prevent foreclosure. This will be the red flag that something is not right. Besides just being unethical, stopping or preventing your foreclosure is not a certainty. Dealing with experienced people that will work for you is better than than the alternative. If you are in the Greater Charleston South Carolina area we may be able to assist you.
Short Sale vs. Foreclosure: Which is the Better Option?
Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life's most unpleasant experiences, and unfortunately it happens more often, to more people all across America. Foreclosure is also an event that keeps on affecting you long after your home is history by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they cannot foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. Therefore, it is a good idea to understand the available alternatives should the worst occur.
Of all available options, foreclosure is the worst
The inevitable result of a foreclosure is the lender taking your house. Not only will you lose your house, but the lender can get a judgment against you for the arrearages you owe plus his costs for the foreclosure action. If that isn't enough, your credit report will be in terminal condition for many years to come, worsening an already bad financial situation and making it very difficult to obtain any other kind of credit. There is no upside to foreclosure. It should be avoided at all costs.
Consider a Short Sale when foreclosure seems inevitable
A Short Sale is a popular option for homeowners mired down with financial problems. In this case, you would sell your home for less than what you owe your lender; the biggest problem you will face is getting your lender to agree to a short sale. In many situations, they will not. Experts advise pursuing this option the minute you realize that you are falling behind in your payments and most likely won't be able to catch up. The longer you wait and the greater the amount you are in arrears, the less likely it becomes that your lender will even be willing to discuss a short sale.
Are There Short Sale Disadvantages?
The New Federal Legislation called the *Mortgage Forgiveness Debt Relief Act 0f 2007* that just went into effect on January 1st, 2008. This new act essentially eliminates credit score problems.
While a Short Sale will save you from foreclosure, it also MAY HAVE a negative effect on your credit score, if the bank does not mark the sale as "PAID IN FULL - DEBT SATISFIED" This can be overcome more quickly than the black mark of a foreclosure, especially if you manage to retain one or two credit cards and keep them current.
Prior to This The Internal Revenue Service frequently deemed the difference between the mortgage balance and the amount realized from the Short Sale to be taxable as income despite the fact that the debtor never saw a dime of it. Our Goal is to provide you with a successful outcome to all of the above.
Almost any option is better than foreclosure
Simply stated, do everything you can before foreclosure occurs and do it as quickly as humanly possible. Don't sit back and keep thinking, "What can I do?" Instead, consider that Short Sale and check with your lender before your options become more limited.
The Best Tip We Can Give You: Don't Do This Alone
Having someone who will work on your behalf is incredible to your peace of mind!! Facing foreclosure is a scary thing, some folks have been less than a month away from losing their home before they acted to get a Short Sale done. We are capable of working quickly to resolve your crisis.
Don't just get anyone to help you!
We have the substantial, successful, Short Sale experience that makes all the difference. Our Skilled Professional, Bank Short Sale Negotiating Team of Short Sale Experts knows:
You Need Experienced Guidance: SCHomeBuyers.net
A credit report includes information on where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. These consumer reporting companies sell the information to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. None of the Credit Bureaus are directly connected to the government. However! The Fair Credit Reporting Act (FCRA) requires each of the three nationwide consumer reporting companies — Equifax, Experian, and TransUnion — provide you with a free copy of your credit report.
Q: I Saw Those Commercials on TV!
A: WRONG!
We buy houses in South Carolina, so we understand credit and how valueable it is. Good Credit Can Save you Thousands of dollars a year in mortgages. Schomebuyers.net wants to keep you in the know!
Those commercials you see on tv offering access to your free report aren't exactly free. Sure you get your report, but you must enroll into a proactive monitoring program that notifies you when anything changes on your report. 29.95$ a month isn't even close to what the commercials claim
Here's the real secret!
The three nationwide consumer reporting companies have set up a central website, a toll-free telephone number, and a mailing address through which you can order your free annual report.
Visit annualcreditreport.com, call 1-877-322-8228, or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The form is on the back of this brochure; or you can print it from ftc.gov/credit. The law allows you to order one free copy of your report from each of the nationwide consumer reporting companies every 12 months.
DO NOT ENTER A CREDIT CARD NUMBER.
If you are prompted to enter a credit card number, read the fine print!! Be a cautious concsumer and guard your credit. Schomebuyers.net wants the best for you, that's why we buy houses in foreclosure.
Q: What information do I need to provide to get my free report?
A: You need to provide your name, address, Social Security number, and date of birth. If you have moved in the last two years, you may have to provide your previous address. To maintain the security of your file, each nationwide consumer reporting company may ask you for some information that only you would know, like the amount of your monthly mortgage payment.
Q: How long does it take to get my report after I order it?
A: If you request your report online at annualcreditreport.com, you should be able to access it immediately. If you order your report by calling toll-free 1-877-322-8228, your report will be processed and mailed to you within 15 days. If you order your report by mail using the Annual Credit Report Request Form, your request will be processed and mailed to you within 15 days of receipt.
Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the consumer reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft. Otherwise, a consumer reporting company may charge you up to $10.50 for another copy of your report within a
12-month period.
To buy a copy of your report, contact:
Under state law, consumers in Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey, and Vermont already have free access to their credit reports.
Q: What if I find errors — either inaccuracies or incomplete information — in my credit report?
A: Under the FCRA, both the consumer reporting company and the information provider (that is, the person, company, or organization that provides information about you to a consumer reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take full advantage of your rights under this law, contact the consumer reporting company and the information provider.
Consumer reporting companies must investigate the items in question — usually within 30 days — unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the consumer reporting company, it must investigate, review the relevant information, and report the results back to the consumer reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide consumer reporting companies so they can correct the information in your file.
When the investigation is complete, the consumer reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report under the FACT Act.) If an item is changed or deleted, the consumer reporting company cannot put the disputed information back in your file unless the information provider verifies that it is accurate and complete. The consumer reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
Q: What can I do if the consumer reporting company or information provider won’t correct the information I dispute?
A: The only Guaranteed option is to work with a Credit Repair Company. MIC Credit Repair removes ALL derogatory information on all 3 of your reports. If they can't remove all past derogatory reportings, they give you $10,000!!! To this day, they have not paid out, because they get the job done.
Q: How long can a consumer reporting company report negative information?
A: A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you’ve applied for more than $150,000 worth of credit or life insurance. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.
Q: Can anyone else can get a copy of my credit report?
A: The FCRA specifies who can access your credit report. Creditors, insurers, employers, and other businesses that use the information in your report to evaluate your applications for credit, insurance, employment, or renting a home are among those that have a legal right to access your report.
Q: Can my employer get my credit report?
A: Your employer can get a copy of your credit report only if you agree. A consumer reporting company may not provide information about you to your employer, or to a prospective employer, without your written consent.
To file a complaint or to get free information on other consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft, and other fraud-related complaints into Consumer Sentinel, a secure online database available.
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Our Website To: BUY YOUR HOUSE: http://www.SCHomeBuyers.net
Our Website To: SELL YOU A HOME: http://www.SCHomeSellers.com
Our Website For WHOLESALE VALUES: http://www.SCWholeSaleProperties.com
http://www.schomesellers.com/contactus.cfm?report=1092
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Full Time Real Estate Investors*24/7* We Short Sale, Buy, Sell, Rent To Own, Rent, Single Family Homes * WE ARE CERTIFIED SUCCESSFUL SHORT SALE SPECIALISTS * Charleston, Berkeley, Dorchester Counties
++ We Are Charleston's Premier Affordable Home Provider Since 2002 ++
Our Website To: BUY YOUR HOUSE: http://www.SCHomeBuyers.net
Our Website To: SELL YOU A HOME: http://ww.SCHomeSellers.com
Our Website For WHOLESALE VALUES: http://www.SCWholeSaleProperties.com
SEE WHAT OUR CUSTOMERS ARE SAYING: http://www.SCHomeBuyers.net/Testimonials.cfm
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