Protect Your self - Don't hand your house to a thief

 

Scam artists in abundance are taking advantage of homeowners in need. Our goal is to educate homeowners  to prevent loss of their homes by distrusting thieves.  Having decades of experience in the Mortgage Industry, American Home Resolutions management and staff have the highest ethics and standards. Below is an example of a scam to be aware of.

The bailout, aka 'equity stripping'

A person or company says they are going to help a homeowner keep their house via a process in which the homeowner sells  the house very cheaply to them while the homeowner gets his finances in order. The new owner pays the mortgage, and the old homeowner pays to live in the home in the meantime, buying back the home (with interest) in a fixed amount of time. If the financial set backs are temporary, and the company is above board, everybody can win: The homeowner keeps the house and the company earns profit for its role as a rescuer. The problem is in a lot of cases the new owner isn't going to let you get your home back and the lease terms are as onerous as the previous mortgage payments. The new purchaser sells your home for more than they bought it from you and pocket the difference. You lose your home and the equity in it to the scam artist.