Being in dire straits and having to sell your house is stressful. Don’t let those who wish to take advantage of your situation get the chance to take what little you have left.
River Oak TX – Cash House Buyers: Traditionally, the saying goes that the buyer should beware, but in the case of many vulnerable home sellers, the saying still applies. There are unsavory characters out there that take advantage of people in dire situations. They pretend to be helping but their motives are less than honorable. When someone is behind on mortgage payments, for example, or their taxes are due and the county records show that the house will be sold at the next auction date, the vultures come out of hiding.
There are unsavory characters out there that take advantage of people in dire situations. They pretend to be helping but their motives are less than honorable.
Since foreclosure and unpaid taxes are county records that are available to the public, there are those who scan those records with regularity just looking for someone who may be desperate for help. They will approach with a letter or a phone call offering to assist you with your situation. They may offer to help you to stay in the house if you simply sign over your deed to them and pay them the mortgage payments, which they in turn pay to the mortgage company. They might offer to pay your arrears, or your back taxes for you, and all you must do is repay them over time.
While that sounds reasonable, it may not be what it looks like. In many cases, law enforcement has gone after people who unscrupulously took the money their victims paid them to get them out of their jam, but none of the money ever went to the county owed the taxes, or the mortgage lender. Imagine the horrified homeowner’s surprise when the Sheriff or the Marshal comes knocking on the door to evict them. In the meantime, the bad guys have taken off and are nowhere to be found, presumably on to the next vulnerable community and under a different assumed name. Those who are in financial dire straits don’t usually have the money to hire an attorney to go after them, so they are truly victims without recourse.
- They will approach with a letter or a phone call offering to assist you with your situation.
- They might offer to pay your arrears, or your back taxes for you, and all you must do is repay them over time.
- If your lender approaches you with a solution or if you go to them to inquire, that’s perfectly acceptable and should be safe.
The best way to defend yourself against such situations is to deal only with reputable companies with offices and real people to talk to. If your lender approaches you with a solution or if you go to them to inquire, that’s perfectly acceptable and should be safe. If anyone approaches you, on the other hand, they are most likely in the process of attempting to rob you of what little you have left. If you really need to sell in a hurry, find a reputable real estate investor and make a quick, legal sale.
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Real estate Investor, Broker, and private money expert. Adventurer that lives life to the fullest. John is also the author of Attracting Private Money Lenders & 17 Vital Keys To Creating Wealth While Building A Profitable Real Estate Investment Business.
Attracting Private Money Lenders: And 17 Vital Keys To Creating Wealth While Building A Profitable Real Estate Investment