Answer:

Foreclosure loans

Beware of this situation: You can't pay your mortgage and face foreclosure. A "lender" contacts you, offering help. First, the lender requires you deed the property to him, claiming this is a temporary safety measure to prevent foreclosure. Once the lender has the deed, he owns your property. He can borrow against it or sell it to someone else. The lender can treat you as a tenant, using the mortgage payments as rent. Once you default on the payments, the lender can evict you from your own home.

More opinions from FAQ Farmers:

  • What most homeowners do not realize is that there are government and private programs available to resolve their situation - with no need to obtain a new loan - and no need to have excellent credit. These solutions often cost much less than obtaining a new loan.
Contributor: Neila222
First answer by Neila222. Last edit by Neila222. Contributor trust: 3863 [recommend contributor recommended]. Question popularity: 232 [recommend question].

Can you answer these Repossession questions?

How flatter structure is appropriate to the IT department? Answer it!
How soon after a car purchase can you file bankruptcy? Answer it!
How can someone else get the stuff out of the car when its been repossessed? Answer it!
How can you get a declaration page showing the lien holder for the insurance on my car? Answer it!
Does anyone know how to find out the name of a car owner in the UK from only the make and registration? Answer it!

Relevant answers:

Home

Answer these

What are the comparison of fault current magnitude between three phase and single line ground faults?
In: Electrical Engineering
Answer it!
What is the boiling point of D-Glucose?
In: Cooking Equipment Appliances and Utensils
Answer it!
Can you do master of engineering without bachelor of engineering?
In: Bachelors Degrees
Answer it!
What are the 2 reasons for scout wanting to finish the game they play after her dramatic roll in the tire?
In: Sony Playstation 2
Answer it!
» more

Featured guides

» More