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Going Mobile, Part 1: Wireless Phone Service for Your Home Business
This article may be used freely on your website as long as it remains intact, including author byline and resource box and links. We would appreciate it if you would notify us when it is used: Going Mobile: Wireless Phone Service for Your Home...
Home-Based Business Owners Save Thousands on Their Income Tax!
Do You Qualify For Home-Based Tax Deductions? New changes in the tax laws have made it easier than ever to claim Home Office Deductions and keep more of what you earn. If your home is a place of business, many of your personal expenses can...
How to Feng Shui Your Home to Make it Sell Quicker
Feng Shui Your Home to Help it Sell Quicker by Elaine VonCannon In a competitive real estate market, home sellers are looking for the edge to make their home sell fast. Feng Shui, or the ancient Chinese art of placement, is one answer. Jaan Ferree,...
How To Set Up Your Small Office Home Office And Avoid Paying $2,000, $3,000, Or More
When starting out in business there are great temptations to buy
"the best of everything" and spend too much money in the
process. This is one of the potentially devastating mistakes
that new companies make and it can be a killer from the...
Work at Home Business Ideas
Here are some excellent businesses that you can start, operate and grow from your home. All these work at home businesses have the following desirable features:
Low Startup Costs
Ease of Entry
High Income Potential
Home...
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Home Loans and Mortgages – Beware of New “Mortgage Elimination” Scam
The booming real estate market has allowed many Americans to become “equity rich.” They may not have a lot of cash on hand, but they might have equity in their homes worth several hundred thousand dollars or more. Unfortunately, this increase in home wealth has spawned an equally booming business in equity theft, as more and more thieves find increasingly clever ways to con homeowners out of their equity, their homes, or both. One clever new scam involves companies that promise to completely “eliminate” a homeowner’s mortgage. For a fee of a few thousand dollars, these companies claim that a homeowner can have a free and clear title to their home without paying off the remaining debt. How does this scam work?
This scam is a bit more complicated than other scams that often use simple forgery of identity theft. In this “mortgage elimination” scam, the homeowner places his home in a trust with the mortgage elimination company as the trustee. The trustee files a long, tedious, frivolous, letter of complaint with the mortgage company, giving them a mere ten days to respond. Should the mortgage company not respond within ten days, and they frequently do not, the trust claims that they are then free of the mortgage obligation. Using a questionable power of attorney
procedure, the trust then files with the local register of deeds for a release of the home’s title. This makes it appear that the home is now owned without a lien.
The legalities of this range from murky and questionable to outright fraud. It gets even worse when the trustee, claiming clear title to the home, takes out a home equity loan, cashes the check, and promptly disappears. The resulting mess often leaves the original homeowner with a pile of lawsuits, numerous visits from the police and the obligation to pay two mortgages. This scam is currently going on only in certain parts of the country, and isn’t yet widespread. Homeowners can easily avoid being taken by this scam by simply recognizing one simple truth – you cannot simply waive a mortgage obligation away without paying off the loan. Remember, if it sounds too good to be true, it is too good to be true.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
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