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What Are Equity Skimming Scams-

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What Are Equity Skimming Scams- Powered By Docstoc
					Presented by Daniel Toriola
Thousands of honorable, hard working Americans are losing their homes daily. The banks are foreclosing at a rate of about 150,000 homes a month as of this writing. Do not let fear overwhelm you! Learn how to save your house now! Get informed. Click here to know more

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What Are Equity Skimming Scams? By Eric Mabo

Equity stripping is also called equity skimming and some people will term it foreclosure rescue scam, which is when low-income earners face foreclosure. It was late 1999 that some equity scammers took the properties of low-income earners, such as their homes. It happens so because, they took loans and never pay in time or did not fulfill the conditions of the loan. At times some money lenders lend out their money at a very high interest rate. So, these homeowners are made to even rent their own homes form these money lenders as tenants. This equity stripping scam issue usually happens to low-income earners who own a home. This equity stripping scam issue usually happens when the low-income homeowner has entered a complex transaction with a money lender; the homeowner will be unaware that he or she is selling the property. Some few years back, most states in the United State have looked for a means to fight against all these unscrupulous money lenders. Many people may look at equity stripping as a means of lending money to people and taking excessive money as charges. That is, removing the homeowner out of the home if the charges are not paid. This practice often shows foreclosure. Trends have been made in the United States economy to open a market so that foreclosure, equity stripping scam is legal. This has made the values of properties to increase between 2000-2005. As the values have increased, the rate of foreclosure in 2001 has risen leaving the many foreclosed low-income earners with equity. Homeowners may notice that they have fallen into foreclosure, when they find their names on newspapers or reported by a mail distribution service. Solicitation can take place, when a homeowner has been foreclosed. That is some other person may still meet the foreclosed homeowner for another deal, if he or she is qualify to take a different loan for a commission to be paid to this person who is making the arrangement . When a home has been foreclosed, an investor can still come and pay the amount owed by the homeowner and acquire the home. The investor may still will back the home to the homeowner under a different condition (lease or contract deed). The homeowner then remains in the house and pays rents. But, there are laws in most of the states today that protects equity stripping scam, which was passed into law since 2005. At times, this foreclosure stuff may be beneficial, when the charges of the loan are low. The foreclosure stuff can be beneficial to the homeowner, when here arranges and still stay in the house as a tenant, but later
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Presented by Daniel Toriola
on you can still repair your credit and own the home again. Home owners facing foreclosure should be very careful about who they talk to as there are many scammers out there only interested in taking away their homes. There are many government run agencies in every state where the home owner can turn to. One of the most important things is for the home owner to talk to their lender. Eric Mabo is an Atlanta foreclosures Expert. He helps people find discounted real estate deals. His website is http://www.doyenrealty.com

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Poor Credit Home Equity Loans - Avoiding Home Equity Loan Scams By Carrie Reeder

Obtaining a home equity loan makes it possible to payoff credit cards, finance a home improvement project, etc. In fact, one of the benefits of homeownership is being able to tap into your home's equity for large expenses. Many lenders offer great rates on home equity loans and lines of credit. Yet, homeowners should beware home equity loan scams that place them at risk of losing their home. Understanding Home Equity Basics A home equity loan is essentially a personal loan that is secured by your home's equity. The amount you are able to acquire will vary. For the most part, you are able to obtain a loan up to the amount of your home's equity. However, lenders will usually review your credit and income to ensure that you qualify for the requested amount. Home equity loans are beneficial because the funds may be used for a multitude of purposes. If you are looking to payoff credit card balances, a home equity loan will help you achieve this goal. Nonetheless, exercise care when applying for such a loan. Because your home serves as the collateral, failure to maintain regular payments will result in foreclosure. Sadly, some lenders are betting on your inability to repay a home equity loan. Common Home Equity Loan Scams Lenders use an array of fraudulent schemes to steal your equity. For starters, there are lenders who cleverly convince homeowners to borrow more than they can afford to pay. Moreover, a lender may encourage homeowners to exaggerate their income in order to qualify for a larger amount. Instead of having your best interest in mind, these lenders knowingly position their clients for defeat. Hence, when you can no longer afford the payments, the lender forecloses. If applying for a home equity loan, it is important to read the loan agreement carefully. If possible, have the contract reviewed by an attorney. Some home equity loans involve a large balloon payment at the end of the loan term. The typical homeowner cannot afford to pay this amount. Regardless of whether you maintain timely payments, the home equity lender may claim your home if you are unable to make the final payment.

Visit http://www.abcloanguide.com  for a list of bad credit home equity loan lenders online. View our recommended bad credit home equity loan lenders online.

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Presented by Daniel Toriola

Related eBooks: Poor Credit Home Equity Loans - Avoiding Home Equity Loan Scams All You Need to Know About Home Equity Loans Foreclosure Scams to be Aware of How to Mitigate Negative Equity California Home Equity Loans - Disadvantages Of Using Your Home's Equity Get more Free PDF eBooks at FreePDFeBooks.com Related Products: Scams Exposed How to Buy a Car Without Getting Ripped Off! Newbie’s Guide to Stop Spam Build Your Own Mail Order Empire Traffic Explosion

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