Home Loan

Home Equity Scams: Borrowers Beware! Home Equity Loans : Borrowers Beware! D o you own your home? If so, it's likely to be your greatest single asset. Unfortunately, if you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk. Homeowners-particularly elderly, minority and those with low incomes or poor credit-should be careful when borrowing money based on their home equity. Why? Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line. Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges. The Federal Trade Commission urges you to be aware of these loan practices to avoid losing your home. The Practices Equity Stripping You need money. You don't have much income coming in each month. You have built up equity in your home. A lender tells you that you could get a loan, even though you know your income is just not enough to keep up with the monthly payments. The lender encourages you to "pad" your income on your application form to help get the loan approved. This lender may be out to steal the equity you have built up in your home. The lender doesn't care if you can't keep up with the monthly payments. As soon as you don't, the lender will foreclose-taking your home and stripping you of the equity you have spent years building. If you take out a loan but don't have enough income to make the monthly payments, you are being set up. You probably will lose your home. Hidden Loan Terms: The Balloon Payment You've fallen behind in your mortgage payments and may face foreclosure. Another lender offers to save you from foreclosure by refinancing your mortgage and lowering your monthly payments. Look carefully at the loan terms. The payments may be lower because the lender is offering a loan on which you repay only the interest each month. At the end of the loan term, the principal-that is, the entire amount that you borrowed-is due in one lump sum called a balloon payment. If you can't make the balloon payment or refinance, you face foreclosure and the loss of your home. Loan Flipping Suppose you've had your mortgage for years. The interest rate is low and the monthly payments fit nicely into your budget, but you could use some extra money. A lender calls to talk about refinancing, and using the availability of extra cash as bait, claims it's time the equity in your home started "working" for you. You agree to refinance your loan. After you've made a few payments on the loan, the lender calls to offer you a bigger loan for, say, a vacation. If you accept the offer, the lender refinances your original loan and then lends you additional money. In this practice-often called "flipping"-the lender charges you high points and fees each time you refinance, and may increase your interest rate as well. If the loan has a prepayment penalty, you will have to pay that penalty each time you take out a new loan. You now have some extra money and a lot more debt, stretched out over a longer time. The extra cash you receive may be less than the additional costs and fees you were charged for the refinancing. And what's worse, you are now paying interest on those extra fees charged in each refinancing. Long story short? With each refinancing, you've increased your debt and probably are paying a very high price for some extra cash. After a while, if you get in over your head and can't pay, you could lose your home. The "Home Improvement" Loan A contractor calls or knocks on your door and offers to install a new roof or remodel your kitchen at a price that sounds reasonable. You tell him you're interested, but can't afford it. He tells you it's no problem-he can arrange financing through a lender he knows. You agree to the project, and the contractor begins work. At some point after the contractor begins, you are asked to sign a lot of papers. The papers may be blank or the lender may rush you to sign before you have time to read what you've been given. The contractor threatens to leave the work on your house unfinished if you don't sign. You sign the papers. Only later, you realize that the papers you signed are a home equity loan. The interest rate, points and fees seem very high. To make matters worse, the work on your home isn't done right or hasn't been completed, and the contractor, who may have been paid by the lender, has little interest in completing the work to your satisfaction. Credit Insurance Packing You've just agreed to a mortgage on terms you think you can afford. At closing, the lender gives you papers to sign that include charges for credit insurance or other "benefits" that you did not ask for and do not want. The lender hopes you don't notice this, and that you just sign the loan papers where you are asked to sign. The lender doesn't explain exactly how much extra money this will cost you each month on your loan. If you do notice, you're afraid that if you ask questions or object, you might not get the loan. The lender may tell you that this insurance comes with the loan, making you think that it comes at no additional cost. Or, if you object, the lender may even tell you that if you want the loan without the insurance, the loan papers will have to be rewritten, that it could take several days, and that the manager may reconsider the loan altogether. If you agree to buy the insurance, you really are paying extra for the loan by buying a product you may not want or need. Mortgage Servicing Abuses After you get a mortgage, you receive a letter from your lender saying that your monthly payments will be higher than you expected. The lender says that your payments include escrow for taxes and insurance even though you arranged to pay those items yourself with the lender's okay. Later, a message from the lender says you are being charged late fees. But you know your payments were on time. Or, you may receive a message saying that you failed to maintain required property insurance and the lender is buying more costly insurance at your expense. Other charges that you don't understand-like legal fees-are added to the amount you owe, increasing your monthly payments or the amount you owe at the end of the loan term. The lender doesn't provide you with an accurate or complete account of these charges. You ask for a payoff statement to refinance with another lender and receive a statement that's inaccurate or incomplete. The lender's actions make it almost impossible to determine how much you've paid or how much you owe. You may pay more than you owe. Signing Over Your Deed If you are having trouble paying your mortgage and the lender has threatened to foreclose and take your home, you may feel desperate. Another "lender" may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it's a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through. Once the lender has the deed to your property, he starts to treat it as his own. He may borrow against it (for his benefit, not yours) or even sell it to someone else. Because you don't own the home any more, you won't get any money when the property is sold. The lender will treat you as a tenant and your mortgage payments as rent. If your "rent" payments are late, you can be evicted from your home. Protecting Yourself You can protect yourself against losing your home to inappropriate lending practices. Here's how: Don't: Agree to a home equity loan if you don't have enough income to make the monthly payments. Sign any document you haven't read or any document that has blank spaces to be filled in after you sign. Let anyone pressure you into signing any document. Agree to a loan that includes credit insurance or extra products you don't want. Let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether the cost you will pay for the loan is really worth it. Deed your property to anyone. First consult an attorney, a knowledgeable family member, or someone else you trust. Do: Ask specifically if credit insurance is required as a condition of the loan. If it isn't, and a charge is included in your loan and you don't want the insurance, ask that the charge be removed from the loan documents. If you want the added security of credit insurance, shop around for the best rates. Keep careful records of what you've paid, including billing statements and canceled checks. Challenge any charge you think is inaccurate. Check contractors' references when it is time to have work done in your home. Get more than one estimate. Read all items carefully. If you need an explanation of any terms or conditions, talk to someone you can trust, such as a knowledgeable family member or an attorney. Consider all the costs of financing before you agree to a loan. For More Information The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues , visit www.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 to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP www.ftc.gov April 1998

real estate agents Money

Feds probe real estate agents - Apr. 22, 2005 Web CNN/Money Buying & Selling Investment Property Home Improvement Million $ Life Financing Best Places SAVE | EMAIL | PRINT | SUBSCRIBE TO MONEY | Feds probe real estate agents Money magazine investigation shows Justice Dept. looking into anticompetitive practices. April 22, 2005: 5:27 PM EDT By Jon Birger, Money Magazine NEW YORK (CNN/Money) - Did you pay your real estate broker too much? The U.S. Department of Justice may be set to turn Tulsa, Okla. into a test-case for ending the stranglehold 6 percent commissions have over the real estate brokerage business. MONEY has learned that Justice's Antitrust Division is gathering information on the bully tactics that full-commission brokers in Tulsa allegedly use against their discount rivals to discourage commission-cutting. The probe follows other recent efforts to spur competition in the real estate industry. According to a copy of a Justice Department subpoena obtained by MONEY, federal investigators are seeking information on "possible anticompetitive conduct in the provision of real estate services in the Tulsa area" as well as "documents related to refusal to cooperate on real estate transactions." An Antitrust Division spokeswoman confirmed the existence of the investigation but declined to provide additional details. Al Unser, executive director of the Greater Tulsa Association of Realtors said: "We received a CID [civil investigative demand] from the Justice Dept. and we have responded." Economists who study real estate, such as the University of Cincinnati's Norm Miller, believe anti-competitive behavior is the primary explanation for the persistence of the 6 percent commission. J.D. Smith and Bob Meyer are two Tulsa discount real estate agents who say they were interviewed by federal investigators. They say the investigators wanted information on full-commission agents' alleged refusal to show home-buying clients properties listed by discount brokers -- a tactic known as boycotting. Boycotting exploits the one major weakness of the multiple listing service. The MLS's upside is that it centralizes all homes for sale in a single electronic marketplace that can be accessed by all agents -- and these days by Web-savvy consumers as well. The downside is that brokers must depend on one another to help sell their homes, and that discourages them from undercutting each other's commissions. While boycotting the listings of discounters is generally considered an antitrust violation -- if undisclosed, it's also a breach of fiduciary duty to clients -- industry insiders are well aware that boycotting goes on, even if they claim not to condone it. For Smith, the Feds' investigation comes a year or so too late. His realty business on the brink of ruin, Smith recently abandoned discount brokerage and went back to charging 6 percent. "In one week," Smith said, "I've had more showings and more offers from other realtors than I had in the previous two months." The Tulsa investigation is part of an ongoing Antitrust Division foray into the sharp-elbowed realty world. In March, the Antitrust Division sued the Kentucky Real Estate Commission over a state law that prohibits real estate brokers from offering commission rebates to consumers. More recently, Assistant Attorney General R. Hewitt Pate sent letters to lawmakers and regulators in Oklahoma and Texas, urging them to reject proposals that would effectively prohibit brokers from engaging in limited-service or fee-for-service realty -- such as listing a home for sale on the multiple listing service for a flat fee of $500. Bruce Hahn, chairman of the American Homeowners Grassroots Alliance, argues that state prohibitions on rebates and fee-for-service discourage competition and inflate commissions paid by consumers. "We've talked to Justice, and we think what they're doing is tremendous," he said. E-mail Jon Birger at jbirger@moneymail.com. The Hot List Most profitable renovations How risky is your 401(k)? Big new tax credits for hybrid cars More Real Estate How to buy and build on rural land Most overvalued housing markets When booms go bust... contact us | magazine customer service | site map | glossary | RSS | press room OTHER NEWS: CNN | SI | Fortune | Business2.0 = Money subscribers = Premium content -- * - Time reflects local markets trading time. † - Intraday data is at least 15-minutes delayed. Disclaimer © 2005 Cable News Network LP, LLLP. A Time Warner Company ALL RIGHTS RESERVED. Terms under which this service is provided to you. privacy policy Reprints of site stories are available. Top Stories Most overvalued housing markets Risks to the economy in 2006 Which was the worst ad of all in 2005? After the ride, a rest Hilton brands reunite after 40 years YOUR E-MAIL ALERTS Real Estate Antitrust Division Corporate Governance Oklahoma or Create your own Manage alerts | What is this?

Home For Sale

Real Estate for Sale from Government Surplus & Foreclosures on FirstGov.gov Skip to Main Content Skip to Government Search Skip to Bottom Nav Skip to Top Nav Bar-Right Aligned Skip to By Organization Skip to Contact Your Government Skip to Top Nav bar Skip to Reference Center Skip to Commercial Buildings and Land Skip to Farms and Ranches Skip to Single Family Homes Skip to State and Local Government Sales Search Government Websites Advanced Search Search Tips Home About Us Site Index Frequent Questions Help Español Other Languages By Organization » A-Z Agency Index Federal Executive Federal Legislative Federal Judicial Cross-Agency Portals State Government Local Government Tribal Government Contact Your Government » E-mail Phone In-Person Frequently Asked Questions more Reference Center » Data & Statistics Forms Graphics and Photos Laws & Regulations Libraries more Home > Shopping > Surplus & Foreclosed Real Estate Real Estate for Sale from Government Buy real estate that the government has seized or no longer needs, through public auction or other methods. Includes commercial buildings, investment properties, land, multifamily and single family homes, condominiums, mobile homes, farms, ranches and agricultural properties. On This Page Commercial Buildings and Land Farms and Ranches Single Family Homes State and Local Government Sales More Shopping Cars and Vehicles for Sale Government & Nonprofit Buyers Government Securities & Investments Sales by Agency Souvenirs, Books & Gifts for Sale Supplies & Equipment for Sale Commercial Buildings and Land Buy Commercial Real Estate and Land from the Federal Government Click on map to view properties for sale from the U.S. General Services Administration (GSA), U.S. Department of Agriculture (USDA), Department of Housing and Urban Development (HUD), and the Department of Veterans Affairs. Also links to other agencies' commercial real estate sales. Farms and Ranches USDA Farms and Ranches for Sale Search by state for farms, ranches, structures and agricultural properties for sale from U.S. Department of Agriculture's Farm Loan Program. Single Family Homes Buy Single Family Homes from the U.S. Government Click on a state to find homes for sale from the U.S. Departments of Housing and Urban Development (HUD), Agriculture (USDA/Rural Development), and Veterans Affairs. Includes residential homes, condominiums and mobile homes. Single Family Home Sale Links to Various Federal Agencies Links to federal agencies selling homes: HUD, Veterans Affairs, Federal Deposit Insurance Corporation, General Services Administration, Internal Revenue Service, Small Business Administration, Army Corps of Engineers, Customs, U.S. Marshals and USDA. Back to Top State and Local Government Sales State and Local Surplus Property Sales Find state and local government surplus auctions. Important Notices Privacy Contact Us Suggest-A-Link Link to Us FirstGov.gov TM is the U.S. government's official web portal: Federal Citizen Information Center Office of Citizen Services and Communications , U.S. General Services Administration 1800 F Street, NW, Washington, DC 20405 Questions about the federal government? Check our frequently asked questions , e-mail FirstGov or call 1 (800) FED INFO (1-800-333-4636)

Florida Real Estate Gold

Central Florida real estate Deland Debary Deltona Volusia county real estate Central Florida real estate Deland Debary Deltona Volusia county real estate Greg Staker 386-740-5934 (office) 386-931-2653 (cell) Watson Realty Corp . Assistant Manager 1961 S. Woodland Blvd DeLand Florida 32720 800-445-8986 X6634 (toll free) www.gregstaker.com greg@gregstaker.com All consultations are confidential. Visit my new site : Florida Real Estate Gold Home Contact Greg My Listings Commercial New Condos Featured Listings Florida Pool Homes Florida Golf Communities Florida Water Front Florida Acreage DeBary Florida DeLand Florida Deltona Florida Orange City Florida Sanford Florida Lake Mary Florida Financial Watson Mortgage Realtor Directory About Greg Florida HUD Homes Florida Schools National Assocation of Realtors Florida Public Libraries Florida Tourist Information New Listings 12/05 (courtesy of MLS participants) Lake Mary home 4/3 - $479,900 4/2/1 - $394,900 3/2/1 - $299,000 Deland home 3/3 - $389,900 3/2 - $379,900 4/1/1/ - $90,000 more DeLand Debary home 4/2/1 - $350,000 3/2/1 - $479,900 2/1 - $175,000 more Debary Deltona home 4/3 - $325,000 5/2 - $285,000 2/2 - $245,000 more deltona Orange City home 3/2 - $229,000 4/2/1 - $210,000 2/2 - $169,000 more orange city Lake Helen home 3/1 - $143,000 3/2 - $325,900 Sanford home 4/3 - $549,900 more sandford Florida HUD h ome Florida HUD home Contact me for information about the home buying process for Florida HUD home including Orlando HUD home , Deltona HUD home , Debary HUD home , Deland Hud home VA Homes Search Engines Google MSN Lycos Alta Vista Alltheweb Kanoodle FindWhat| Ah-Ha Looksmart Mamma Overture Yahoo Thank you for visiting my Central Florida real estate website. You do not have to register, enter your email address or be inconvenienced in any way to receive access to a wealth of totally free information. Contact me to learn more about the Florida home buying process or how to sell your Florida home. Use the following link to search for your next Florida home Florida real estate property search Contact us to receive information about the home buying and selling process in the Central Florida real estate and Volusia county real estate markets which includes the Deland real estate , Debary real estate , Sanford real estate , Deltona real estate , Orange City real estate , Lake Mary real estate & Orlando real estate markets. Florida real estate HUD properties. Call or email to find out more about the Central Florida real estate market. Looking to buy or sell? Contact me first name: last name: email address: home phone number: work phone number: comments: Services at this site Use the Florida real estate multiple listing search on this site to find complete Deland real estate , Lake Mary real estate , Deltona real estate , Debary real estate & Orange City real estate & Orlando real estate information . View information on Florida schools including Deland Florida , Deltona Florida , Debary Florida, Lake Mary Florida, Sanford Florida & Orlando Florida Florida HUD home information for Deland HUD , Debary HUD , Deltona HUD , and Orlando HUD, Lake Mary HUD acquired property. Florida real estate prices are on the increase. If you are thinking of selling your home contact me to receive a free market evaluation to determine the value of your Deland real estate, Deltona real estate, Debary real estate, Orange City real estate, Orlando real estate, Lake Mary real estate & Sanford real estate. free consultation for Seminole, Orange & Volusia county real estate buyers and sellers, including Deland real estate , Deltona real estate , Debary real estate, Lake Mary real estate, Orlando real estate & Orange City real estate . E-mail me at anytime or call toll free (800-445-8986 X 6643) to learn about the home buying process For our International friends seeking Florida real estate site map If you need information about the Central Florida real estate market including the Florida home buying process or selling your Deland home , Deltona home , Debary home , Lake Mary home , Sanford home , Orlando home or an Orange City home , please contact me. My immediate Volusia county real estate market covers Deland real estate , Debary real estate , Deltona real estate and Orange City real estate , but I am also able to assist those looking beachside or the Orlando real estate area as well which includes Sanford real estate & Lake Mary real estate . My experience allows me to help those looking for Florida HUD home , provide professional assistance to those seeking a home mortgage , desire information about the Florida home buying process or provide the very best in marketing when selling a Florida home Our Pledge... Watson Realty Corp. , is committed to providing customers with the highest quality service and being sensitive to their Florida real estate needs. If you are in the need of a Deland home , Debary home , Deltona home , Orange City home, Lake Mary home or an Orlando home , contact me for fair, honest & professional service. That is the Watson Realty Corp. way. Please enjoy my website. It is just one of the tools I use as a Florida realtor of Watson Realty Corp. to assist my customers in marketing their homes and business and understanding the home buying process . Watson Realty Corp. serves the Florida real estate market contact me if you need a Deland realtor , Deltona realtor , Debary realtor Lake Mary realtor or Orlando realtor . Please send questions, comments and suggestions to: greg@gregstaker.com Interested in a Florida real estate career? Are you thinking of switching real estate offices? Contact us for a confidential interview to learn about Watson Realty Corp. real estate school and career opportunities. Greg Staker email Greg Watson Realty Local Community West Volusia Subdivisions Florida Map History of Volusia County, Florida Downtown DeLand Virtual Tour Local Attractions Disney Online MyFlorida.com Busch Gardens Nat'l Florida Forests Skydive DeLand Cypress Gardens Daytona Int'l Speedway Kennedy Space Center SeaWorld Orlando Silver Springs Universal Studios Lodging Orange City Premier Bed and Breakfast: The Alling House Important Information Affiliate Directory Greg's Blog Donate to the American Red Cross Builders in DeLand new condos in DeLand Florida starting at $139,900 Click here for more information RESOURCE CENTER $25,000 homestead exemption | home buying | home improvement | home selling | home styles | HUD homes | Hurricane home preparedness | home mortgage terms | moving tips | my marketing plan | glossary | schools | search home property tax records Tools you can use Link Partners REALTOR Directory Florida Real Estate More Partners Home Inspections USA - Find Home Inspectors, Home Inspection Resources, and related Real Estate Services. link to me