We’ve Got It! www.megadox.com Foreclosure Scams Families and individuals experiencing foreclosure can often times find themselves feeling very vulnerable and, when approached by the many number of organizations out there trying to perhaps get ahead at the expense of the homeowner, it is important that a homeowner think long and hard before signing anything. The following are some examples to be cautious of: A) “I'll pay you some money, just let us assume your mortgage.” There is no problem with this if you know how much equity you have in your house, and if the purchaser makes the payments. Just as long as you are still legally responsible for the mortgage. B) “I'll buy your property, lease it back to you, and then give you the option to buy it back later.” The reality is that what you would end up paying for in rent would far exceed what your mortgage payments are already. Then, if you eventually decided to buy it back, you'd actually have to pay the purchaser more than what he paid you in the first place! Also understand that while you are leasing, you are essentially a tenant in your own home -this doesn't sound right to me! C) “I'll get you a new loan to solve your mortgage problems.” It is important to know that every time you refinance, your loan balance increases which means you actually lose more equity and end up with higher monthly payments. And chances are that the interest rate will be higher on the new mortgage as well. If you do consider selling your property, get a realtor to complete a Comparative Market Analysis on your property -and remember, there is always a market to buy properties -so give us a call!! Visit us at AlbertaForeclosures.com or call (403)850-2241. “We’re always happy to answer you questions!”