The current economic slow-down and recession are perhaps creating more havoc than what is ‘visible’ to the eyes. In the US alone, during the year 2010, more than 1.5 million people have filed for bankruptcy and around 1 million home owners allowed foreclosure to happen. These figures are unprecedented in the American history.
The number of people who want to save their homes from foreclosure is increasing day after day. But, unfortunately, many of them are becoming victims of foreclosure fraud. Perhaps, the nefarious and avaricious people who are indulging in such frauds have been partially induced by the boom before the current recession. The modus operandi adopted by these people is to keep watching the foreclosure listings and take advantage of the precarious financial situation in which the affected home owners are placed. These ill-intentioned people pose as if they are capable of rescuing the home owners and if the home owners are gullible and vulnerable, they fall a prey to the sugar-coated, false promises of these evil elements.
According to Rick Haughton, a former Mortgage Banker and Sophisticated Investor, now Editor at Foreclosure Fraud Exposed, he suggests that due to challenging times, most home owners are not able to think in the right perspective and the fraudsters take advantage of this situation. “Such cases are alarmingly on the increase with loan modification scams,” said Haughton. You may be surprised to know that even celebrity foreclosure is happening. Some of the celebrities, whom you have been holding in high pedestal and whom you have been thinking are not capable of committing grave mistakes on their financial front, are also not insulated from the evil designs of the fraudsters. That may be the reason that some of these celebrities have taken a vow to take necessary measures to learn the home foreclosure process and fight to stop foreclosure fraud. Home owners must take utmost care to protect themselves from these evil-intentioned people and to avoid losing their homes and their money which will worsen their financial situation further.
Haughton explains, these fraudsters will not hesitate to make sky-high promises that they do not intend to fulfill because they will be targeting your home and money. “They will assure you that they can easily bring you out of your bad situation, modify your existing loans, stop foreclosure and save your home from it. When you start believing their words, they will ask for thousands of dollars in upfront fees. Since their activities will look as though they are closely working with your mortgage servicer, you will tend to believe them and pay thousands of dollars in advance money for their services. But, in reality, they may not be doing anything to save your home.”
Haughton points out that States such as Hawaii, California, Arizona, Nevada, Minnesota, Colorado, Texas, Florida, Georgia, North Carolina, New York, New Jersey, Pennsylvania, Massachusetts, Ohio, Chicago, and Michigan, have been the hardest hit with foreclosure fraud and loan modification scams. Additionally, “if loan modification companies ask for thousands of dollars in upfront payment for their fees, you can immediately construe that they are up with some tricks to take you for a royal ride. If you believe their false promises and sign on important documents inadvertently, you may end up losing your home. One trick widely used by fraudster companies and individuals is to ask the home owner to transfer their home to them so that they will save you from your foreclosure. Getting saved from a foreclosure is a workable task but it is not as easy as just forking over thousands of dollars and hoping someone will do all the work.”
“The loan modification process is a scam in and of itself,” states Haughton. “When a loan is securitized, it’s packed into what’s called an asset backed security and sold as a Real Estate Investment Mortgage Conduit (REMIC) to Wall Street. Hundreds and thousands of loans are placed into these great pools, tiers if you may, with different A-D ratings. It’s a pyramid basically.” Investors at the top get paid first, provided the home owners pay on time, and investors at the bottom have greater risk reward, and in cases of foreclosure, no one technically gets paid on the books. “The problem for the home owner is that once the loan is packaged into an asset backed security, the chain of title becomes null and void, because certificates are issued making the previous loan, now a stock,” explains Rick Haughton. Therefore a loan modification isn’t needed because there isn’t a loan anymore. The chain of title has been broken beyond repair.
It’s important for home owners to do some serious research regarding their personal loan situation first, and then seek proper foreclosure help. In 9 out of 10 instances, most home owners aren’t even in foreclosure, and pretender lender banks along with these loan modification companies know this. It starts with investigating what’s really going on, and then structuring a plan of foreclosure defense. A home owner’s biggest challenge is where to go to conduct foreclosure fraud research on relevant information, to determine if they’re a victim or not. There are a few websites available online that provide step by step instruction, while the rest are nothing more than recycled news websites, which are a complete waste of time.
To learn more about the different types of Foreclosure Help, Foreclosure Defenses, and How To Stop Foreclosure Fraud Please Visit: http://foreclosurefraudexposed.com
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Rick Haughton has been instrumental in helping homeowners across America understand the foreclosure process, what their rights are, and how they can stop foreclosure and not fall victim to foreclosure fraud.
ForeclosureFraudExposed.com is the Internet’s leading foreclosure website, providing real foreclosure help to American homeowners, by educating them on foreclosure defense, how to stop foreclosure, protect their rights, find a securitized loan, and much more.
Media= For Information Contact Vanessa Duvale – support@foreclosurefraudexposed.com
To learn more about the foreclosure process, foreclosure fraud, what your rights are, and how to stop foreclosure? Please visit http://foreclosurefraudexposed.com for more information.
Media Contact: Vanessa Duvale Foreclosure Fraud Exposed, support@foreclosurefraudexposed.com









