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Posted 08 May 2010 † admin § Uncategorized ‡ Comments Off °

The Foreclosure Crisis

You should always be on the alert for scam, but if you are in foreclosure, you must learn how to protect yourself from foreclosure rescue scam artists. According to Rebecca Jarvis in a CNN report, people preying on individuals whose homes are in foreclosure are spreading like wild fire. They costs the average person caught up in them approximately $3,000, but can also cost them their homes. Government is looking into one hundred and sixty-seven (167) companies in Nevada alone.

Different Types of Scams

• Phantom Help Scam- Specialists will call you and tell you that if you pay them an outrageous amount of money, that they will help you by filling out the paperwork. In reality, you can fill out the paperwork yourself. They are not adding value, they are just collecting the fee.

• Bailout – or Rent-to-Own – Scam – Scam artist will convince you to sign over the deed to your house. They tell you that in return, you pay them rent, and will eventually own the home. This is really not the case. Once you turn over the deed, they own your home.

• Bait and Switch Scam – Scam artist will present you with papers to sign. They will tell you that you are signing document that will get you up to speed on your mortgage payments. Instead, you are signing over the deed of your home. You will not know that you have been scammed until you are evicted.

Red Flags

Scam artists are looking for people who are already in foreclosure, and they prey on the ones who need help the most. Red flags that you should look for include:

• Call themselves “mortgage consultants.

• Advertise with flyers or solicit door-to-door.

• Asks for up-front payment of any amount.

• Tells you to make payments to them.

• Tells you to transfer your deed to them.

If you feel that you have been victimized, or if you feel that someone is trying to get your money or your house:

• File a police report and let your local police department know what is going on. They have a list of those scam artists, and they can update these lists with your information. This information could possibly lead to an arrest.

• Contact the Attorney General’ office.

• Call your lender and get the information straight from the “horses’s mouth”.

If you are approached by someone, do your homework before you jump into any transaction. Be vigilant and always alert. Do not become a victim of foreclosure.

In a CNN report on April 29, 2010, it was reported that a real estate tracking website found:

• Foreclosure activity fell in fourteen (14) of the top thirty (30) Metro areas compared to 2010.

• Total foreclosures rose nationwide.

• Las Vegas tends to be hardest hit: one (1) in twenty-eight (28) homes face foreclosure.

Source: realtytrac.com

To find out more about foreclosures, look for my book, “Home Buying Without Fear – Have The American Dream” (coming soon), at http://www.margiewrobinson.com.

Disclaimer: The author takes no responsibility for the readers’ decisions based on information in this book. It is recommended that the reader seek professional counsel for individual circumstances.

Margie A. Robinson
Certified Identity Theft Risk Management Specialist (CITRMS)
Author of: “Are You ‘YOU’ or Is Someone Else ‘YOU’ – Protect Yourself From Identity Theft” and “Formula For Success – Success Can Be Yours Too”
Provide Workshops
(757) 480-9160
Lrobinson16@cox.net
http://www.margiewrobinson.com

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Posted 06 May 2010 † admin § Real Estate Law ‡ Comments Off ° Tagged:

What Will the End of the Stamp Duty Holiday Mean For the Property Industry?

Stamp Duty, or Stamp Duty Land Tax, is a payment made to the Government when anyone buys a new house over a certain value. Normally, only properties over £125,000 pay Stamp Duty, but as part of the Government financial stimulus package, properties valued between £125,000 and £175,000 have also been exempt from paying the tax.

With the Stamp Duty payment holiday coming to an end in January 2010, the impact of the reinstatement of the one per cent rate could mean that many first-time buyers instantly find themselves unable to buy a house. The saving of nearly £2,000 has meant that many new buyers have come into the property market for the first time.

In addition, first-time buyers in particular have found obtaining a mortgage very difficult, making the Stamp Duty holiday null and void for them. However, for those buyers that could obtain a mortgage, the saving on the overall cost of buying their home is significant and should not be underestimated, as over 132,000 homebuyers have benefited from the scheme.

However, with the recovery in the property market still fragile in some areas, most notably in regions where the lower Stamp Duty band would apply to the majority of properties first-time buyers would be attracted to, the property industry is concerned that the reintroduction of the tax could stifle recovery in those areas. With groups such as the Royal Institute of Chartered Surveyors and the National Association of Estate Agents calling for a reduction and even the scrapping of Stamp Duty, the ending of the tax holiday is generally viewed as a retrograde step that will impact negatively on the property market across the UK.

It is clear that for the property industry in those areas of the country that are dominated by low-cost housing the reintroduction of the one per cent Stamp Duty tax will have a significant impact on sales in these regions. First-time buyers, in particular, will instantly have to find more capital with which to pay the tax. If this results in second thoughts on buying the property this in turn will have an adverse impact on the property industries in these areas as they find that the supply of potential buyers reduces. Property is a driving force in the economy, and of the overall impact the ending of the holiday will have only time will tell.

Ben Letham works for Contact Law, the UK’s foremost legal brokerage company – finding the right solicitor for your needs.

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Posted 04 May 2010 † admin § Real Estate Law ‡ Comments Off ° Tagged: , ,