We buy houses in Waterbury CT and we have dealt with foreclosures a lot of time due to the nature of our work. As homebuyers in Connecticut, we have also heard of scam stories from homeowners who want to sell their property fast to avoid foreclosure. To avoid this, we are going to discuss some tips and warning signs to avoid a foreclosure scam in Waterbury CT.
As you know, foreclosures over the past 5 years have been at record levels. Just like with anything, when there’s an opportunity or when there are people in pain… the dishonest and unscrupulous people in the world tend to come out of the dark shadows to prey on homeowners who don’t know any better.
Foreclosure scams in Waterbury have even picked up in recent years.
We’ve been working with homeowners for some time now, in fact, we talk with homeowners in foreclosure process every single week. You should hear some of the stories we’ve heard of people in foreclosure being taken advantage of by scam artists proclaiming to be reputable “real estate investors”.
Not All “We Buy Houses” Companies Are Created Equal: Beware Of Foreclosure Scams In Waterbury CT
We purchase homes in Waterbury and we’ll walk you through how to spot potential scams vs. reputable home buyers in our area.
As a quick summary… there are companies out there that buy homes from people who need to sell. But, in some cases… that’s where the similarities from the scam investors and legitimate companies with great reputations like us stop. In this article, I’m going to walk you through some of the ways a small percentage of people try to take advantage of homeowners like you.
This is meant to be a “consumer awareness” guide to help you spot the companies to avoid and pinpoint companies that you can trust (because the majority of home buyers are great people with great integrity… it’s those few bad apples that ruin it for everyone else.)
Some Tips And Warning Signs To Avoid A Foreclosure Scam In Waterbury
If you’re in foreclosure process and are looking for a solution to avoid foreclosure and get foreclosure help in Waterbury CT, here are some “solutions” some less than honest companies may offer up.
Charge Upfront Fees To Get Mortgage Assistance From Your CT Lender
As Fannie Mae says, help is free. Some companies will try to charge you for talking with your lender about your mortgage to find a solution. Don’t fall for this. You can talk with your lender about the mortgage and your options anytime with no charge, or work with a company who will do your loan counseling for you for free.
Signing Over The Deed To Your Home To “Save” Your Waterbury Property
This sounds backward from the start. Some unsavory companies may tell you that you can sign over the deed to your house (essentially giving up ownership) to save your property. As Fannie Mae says, never sign over the deed to your property unless you’re working with your mortgage company to forgive your debt… or unless you’re physically selling your property to that company. If that’s the case, ask the company to do everything at a reputable title company so everything is on the up and up (always consult legal advice before ever signing over your deed).
Don’t Unknowingly Give Up Ownership To Your CT Home
Some ways scammers have targeted home owners is by telling homeowners they’ll pay off their mortgage. With these scammers, they hide clauses in the paperwork that sometimes gives up your ownership rights to the house and transfers them to the scammers. A reputable company will be fully transparent, no hidden clauses, and everything will be known before any documents are signed. But same as above, always consult your own expert to review any paperwork before you sign anything… even when working with a very reputable company… just so all of the “i”s are dotted and “t”s crossed.
Try To Say You Don’t Need A Title Company or Other Professionals In Selling Your House In Connecticut
Selling your property, whether you’re in foreclosure or just need to sell quickly, should be done with the help of certain professional services. With every home we purchase, we always use a neutral 3rd party Title Company to handle the closing, drawing up the closing documents, and all related paperwork. It instills confidence with the home seller and it makes sure there’s no funny business on either side of the transaction. If a home buyer says you’re going to do a “kitchen table closing” (actually signing all of the papers in your house) rather than a title company or attorneys office… ask why. Kitchen table closings can work, but using a title company or attorneys office helps protect both sides and makes sure things are done right.
The CT Mortgage Payment Scam
Some scammers have pulled a scam where they instruct the homeowner to pay mortgage payments to them (rather than the bank directly) and the scammer will then “handle paying the bank”. In no circumstances should you do this unless you get your mortgage company’s approval in writing. Some of these scammers will then pocket your payments and not pay the mortgage company at all… harming your credit and causing you to be worse off than before.
(Source: Summary of information from the Fannie Mae info site)
Do Your Homework And Do Business With Someone From Waterbury You Can Trust
What we always say is to do your homework. Ask any company lots of questions before you do business with them to make sure that they’re real, that they’re honest, and that they can and will follow through with any offer they make you. Some investors make lots of offers and back out on the ones they don’t have the money to close on. With House Offers Quick, we only make offers on properties that we know we can close on if our offer is accepted… no if’s, and’s, or buts.
Waterbury CT Home Buyers
If you’re in foreclosure and need assistance, or just want to know your options… visit your local foreclosure counseling service or browse this site and schedule a free Foreclosure Prevention session with one of our foreclosure experts.
If you’re looking to sell your house in Waterbury CT fast, we’d love to chat with you and learn about your situation and your property. We offer cash for homes in Waterbury and we can close in as little as 7 days. The beauty of the whole thing is that we’ll make you an offer and there’s no obligation, no pressure, and no catches… you get the offer, you take as long as you want to look over, pass the offer by those you trust, even shop the offer around to the other companies if you want. We’ll be here for you and you can get started whenever is right for you.