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 Investment Club

Jurock.com - British Columbia Real Estate Marketplace Special Christmas Offer from Jurock.com Your Ad Here Real Estate Experts LOG IN | EDIT PREFERENCES Ask a Tax Expert with David Ingram I am a Canadian citizen living in the USA. They always tell me to leave my RRSPs untouched in Canada, but I would like to use that money to buy a house in Florida. Will it make sense to take the money for this? I am planning to stay here in the USA. Read More Ask a Property Manager of Individual Homes with Denise Barker, RI(BC) Myself and my boyfriend moved into an older house in early fall, now it's full winter and we realized our woodstove lets out tons of smoke every time we open it. We try to open as little as possible but we have to put wood in to keep it going. So my ... Read More A comprehensive directory - actively maintained since 1996 Appraisals Builders and Contractors Careers and Education Developers Developments Financing Government Sites Guides and Directories Home Inspectors Insurance Investments Law Mortgage Brokers Professional Associations Property Management Real Estate Companies Realtors Recreational Property Relocating Rental Property Selling Tax Chestnuts On The Laptop, Champagne Corks In Your Eye! Facts by Email Toronto: Big Players See Potential And They May Be Right Victoria Rental Market Remains Best In Country Saskatoon Commercial Real Estate Market Has Potential What To Do When The Vendor Gets Cold Feet The 'Loon' Of The Week Friday, December 16, 2005 Pre-Sales: Are Developers Leaving Something On The Table? Or Will Buyers Feast? Insider Newsletter Condominium pre-sales in Greater Vancouver have become so common that there is little thought anymore that people are willing to lineup for hours to pay $500 a square foot for a suite they have never seen and won't be able to move into for two years or more. Latest topics from our forums whistler, whats new? Squamish pulp mill closes 2006 predictions double-ended double tricks/ Bubble, Bubble -- Then Trouble Upload listings FREE Virtual Tours Buying a Home Home Listings, Loan Info, Home Prices... Selling a Home Market analysis, Tips on Selling, Find a good realtor... Renting Rentals Search, Post your rentals Tenant Info... Commercial Commercial Listings, expert advice, Cap Rates Info... Recreational Recreational listings, insights, market reviews... Financing Mortgage Quotes, Interest Rates, Finance Calculators... THIS WEEK: Ozzie Jurock: Tips for Condo Pre-sales More Videos Real Estate Action Weekend The Insider Newsletter $297 know the latest trends learn expert investment techniques get weekly scoops on the best real estate deals plus more Personal Real Estate Business Plan $97 Create the plan that will help guide you to success See All Our Products >> Email Dispatch - Free Free weekly email with the latest Ask an Expert, mortgage rates, Real Estate Deals, and more Rental Listings #1107 - 1199 Marinaside Cr., Vancouver Downtown Condo/Apartment, - More Rentals - New Rentals This Week Your Ad Here Privacy | Security | Site Map | Advertising | FAQ | Masthead | Contact Us REAG: Canadian Real Estate Investment Club Reproduction of material from any Jurock.com pages without written permission is strictly prohibited. 2005 Jurock International Net. All rights reserved. Powered by FeatureWeb

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Maine Home Mortgage Home Page. Welcome to Maine Home Mortgage Choose Experience and the Lowest Mortgage Rates in Maine . Serving Maine for over 15 years . Now is the perfect time to take advantage of low interest ratesto purchase real estate in Maine or refinance a mortgage in Maine. Use our web site to applyfor a mortgage online , use our home mortgage tools , view our home loan programs , contactus , or learn more aboutus ! It only takes 10 minutes to apply for a Maine Home Mortgage by phone or online! Local: 1-800-LOW-RATE / Out of State: 1-800-471-5730 Free Credit Report with Mortgage Application! We offer a variety of loan application options , including a Quick Application, a Standard Application, and a 5 Step Application that allows you to log in and complete your mortgage application later. To see how easy it is to apply for a mortgage online with Maine Home Mortgage, click here . Whatever your Maine mortgage residential financing needs, we will tailor a home loan that's right for you: Purchase Refinance Construction Home Improvement Home Equity Loans Investment Properties 100% Financing Debt Consolidation Loans Stated Income Loans Damaged Credit Loans! VA/FHA Seasonal Properties And more ! Distressed Credit? Get Answers Here! SELECTED RATES. CHECK MENU FOR MORE Rate APR Disc. Points 30 Year Fixed 6.125% 6.182% 0.000 20 Year Fixed 6.000% 6.076% 0.000 15 Year Fixed 5.875% 5.970% 0.000 30 Year Fixed Jumbo 6.375% 6.384% 0.000 15 Year Fixed Jumbo 6.000% 6.015% 0.000 3/1 ARM 5.750% 7.224% 0.000 5/1 Year ARM 5.875% 8.336% 0.000 Assumptions Apply Now! Portland Lewiston Bangor Augusta Maine Home Mortgage, your experienced, statewide mortgage lender and mortgage broker, offering the lowest rates for all kinds of home loans, whether for purchase or refinance. Check rates and apply on-line, or call 1-800-471-5730. It only takes a five minutes, so apply now. Equal Housing Lender. © 2005 Maine Home Mortgage. Trade/service marks are the property of Maine Home Mortgage and/or its subsidiaries. Back to Top | Apply Now | Contact Us | Home | Privacy | Licensing DESIGNED AND POWERED BY ETRAFFICERS, LLC .

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Colorado Real Estate: Find Homes For Sale in Colorado - REALTOR.com Colorado Real Estate Find Homes For Sale In Colorado Select an area using the map or the drop down menu. --Select an Area-- Akron Alamosa Arkansas Valley Aspen Boulder/Longmont Area Breckenridge/Keystone Canon City Colorado Springs Copper Mountain Cortez Delta Area (Delta County) Denver Area Douglas/Elbert Counties Durango Area Estes Park Evergreen-Conifer- Bailey Area Fort Collins/Loveland Area Fruita Glenwood Springs Granby Grand Lake Greeley/Weld County Area Gunnison Country (Crested Butte) Mesa County (Grand Junction) Monte Vista Montrose Monument/Tri Lakes Morgan County Otero County Pagosa Springs Peetz Pueblo Steamboat Springs Sterling Telluride Vail Westcliffe Winter Park Woodland Park Colorado Real Estate: City Search Mode If you don't see the area/city you're looking for on the map above, try typing its name into the box below. Please be mindful of proper spelling. Note that this method will not find homes in many unincorporated communities or areas. City: Search in popular metros: Atlanta | Austin | Boston | Chicago | Dallas | Denver | Houston | Las Vegas | Long Island | Los Angeles | Memphis | Miami | New York City | Orange County | Palm Beach | Phoenix | Sacramento | San Diego | Seattle Site Map | Corporate News & Info | Contact Us | Advertise With Us | Join our staff Terms of Use and PrivacyPolicy . 1995- NATIONAL ASSOCIATION OF REALTORS and Homestore, Inc. All rights reserved. Equal Housing Opportunity REALTOR.com is the official site of the National Association of REALTORS and is operated by Homestore, Inc. REALTOR -- A Registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS and subscribes to its strict Code of Ethics. Inquiries regarding the Code of Ethics should be directed to the board in which a REALTOR holds membership.

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Buying Property in Mexico: from The Peoples Guide to Mexico: People's Guide Homepage • Copper Canyon • Live & Retire • Carl's Mexico Notebooks • Letters • Favorite Books • Visit our Sponsors • Table of Contents • The Best of Mexico: Favorite Places • Search This Site Live & Retire in Mexico Buying Property in Mexico •Building in Puerto Vallarta "Could you tell me what one would would expect to pay for new construction per sq ft in Nuevo Vallarta today?..." .... ( more ) Q&A: Charles Sloan & Robert Foster • Buying Property in the Lake Chapala Area In the last decade or so, it is estimated that more than 10,000 foreigners have purchased property on the Northshore of Lake Chapala. Long prized as a weekend retreat by wealthy Guadalajarans, the villages from Lake Chapala to Jocotepec now boast an expatriate community said to be the largest in the world. Ajijic has become the prime location for foreigners because of its infrastructure of services, such as internet access, and the existence of the Lake Chapala Society, an English-speaking resource for newcomers and residents .... ( more ) by Tony Harries & Teresa A. Kendrick • Buying Restricted-Zone (Coastal and border zone) property First, as most folks are aware, Mexican residential property in the coastal or border zones can be legally purchased by foreigners, but only through the fideicomiso (bank trust) method set up expressly for this purpose by the federal government....( more ) by Robert Foster • Budget Living in Puerto Vallarta by Robert Foster (Jennings) • Dobie and Sergio are homesteading in a former coconut plantation on Mexico's Pacific Coast. Top of Page Homepage Table of Contents Site Map Write to us, Carl & Lorena http://www.peoplesguide.com ©1972-2004 by Carl Franz & Lorena Havens Copper Canyon • Live & Retire • Table of Contents • Book Reviews • Letters • Carl's Mexico Notebook • Search This Site