Don’t Get Scammed: Being Asked To Do Something Illegal
Welcome, this is Jeff Green with The Jeff Real Estate Team, one of the top short sale teams in the :k1: area. We’ve worked on close to 300 short sales. Today I’d like to continue our series on avoiding foreclosure and short sale related scams in order to educate you on a growing trend.
Scam artists may ask you to participate in something that is totally unethical, illegal or improper, while enticing you with promises of avoiding foreclosure. They may make it believable by coming up with some scheme and once you agree to it and become involved, you’ll be less likely to blow the whistle on them because you are complicit and are now part of their scheme. Don’t compromise your position by getting involved in anything underhanded.
Here is a good example: at times, people may lie and misrepresent the truth in regards to an "arms length transaction". In short sales, this means there needs to be a distance between you and the other side of the transaction; you can’t be related or be in a business relationship. If you lie about this, you are in fact committing a fraud because you are deceiving a federally insured institution, which is a felony. Do not get yourself caught up with some person that wants to bring you down with them. There is nothing they can offer you that is worth risking.
If you have any questions regarding short sales, you would like more information on them or you would like to see our sales records, please either fill out the form on our website or give us a call. The Jeff Real Estate Team is here to educate you and assist you with everything you need in regards to avoiding foreclosure and short selling your home. Please give us a call today. We look forward to helping you.
Scam Artist Technique: Brushing Aside Your Questions
Hi, this is Jeff Green with The Jeff Real Estate Team. We are one of the leading short sale groups in the :k1: area; thank you for joining us. Today we are going to continue our series on foreclosure related scams.
It’s amazing how many different types of scams are actually out there. One technique that a scam artist may use is to brush off your questions. One way to smoke out a scam artist is to ask a bunch of questions about foreclosures and short sales. If you get the wrong answer, a different answer every time, or they just ignore your question, you’re more than likely dealing with someone that’s not legitimate.
An excellent way to protect yourself against scams is to educate yourself in regards to short sales as much as you can because scam artists like to prey on ignorance. The more you know about foreclosures and short sales, the less likely you are to be duped.
Our process at The Jeff Real Estate Team is to encourage the homeowner to ask us a lot of questions; we believe that doing a short sale is a business relationship. The more informed you are, the more you know about the process, the better our relationship will be.
We want the homeowner, our clients, to ask questions. That is part of our goal; as team we’re here to provide you information. In fact, after talking with us, you may feel that allowing your home to foreclose may be a better option for you. We generally don’t think it is, but if this is what you decide, we’re here to support you as long as you make an informed decision. We’re here to help you short sell your house, provide you with any information you would like and to answer your questions.
Avoiding A Foreclosure Scam: Being Asked For Money Upfront Without Being Provided A Service
Welcome, I’m Jeff Green with The Jeff Real Estate Team, the premiere short sale group in the :k1: area. This video is a continuation of our series on avoiding foreclosure related scams. We have previously discussed being scammed by someone without the proper credentials to conduct a real estate transaction. Today we are going to discuss another common scam: being asked for money upfront without ever being provided a service.
There are a lot of deceptive people out there and if you are in a foreclosure or pre-foreclosure situation, there are people that want to take advantage of you because you are in a very vulnerable situation. We are here today to educate you and help you avoid being scammed.
Being asked for money upfront before being provided a service is a very common occurrence and it’s perhaps the biggest sign of a scam. The individual may make you a promise of representation with your foreclosure and ask you for money upfront before they have even delivered on the promise. If you pay a scam artist, it’s likely you will never see that money again.
With The Jeff Real Estate Team, we’ve handled dozens of short sales and are highly experienced when it comes to real estate transactions. We get paid out of the proceeds of a short sale; we’re not sticking our hand out and asking you for your money. If we don’t close the deal and sell your home, we don’t get paid. It works as our motivation to serve you and give you the highest level of service possible.
If you have more questions regarding scam artists and short sales, or would just like more information on short sales in general, please contact us, The Jeff Real Estate Team, one of the top short sale teams in the :k1: area. We are always here and happy to help you in any way possible.
Avoiding Foreclosure Scams: Ensuring Your Realtor Is Licensed
Hi, this is Jeff Green with The Jeff Real Estate Team, one of :k1:’s leading short sale groups. Today we are going to continue our series on avoiding foreclosure scams.
One of the worst things that could happen when you are doing a short sale is having a person misrepresent themselves. One of the main techniques that a person may use to scam others is by lacking legitimate credentials to conduct real estate transactions. In almost every short sale transaction, someone that charges you a fee to negotiate with your lender on behalf of you must have a license with the California Department of Real Estate. To check and see if an individual has their license, you can go to http://dre.ca.gov.
The California Department of Real Estate website will allow you to find out a few things about the person you wish to do business with. Firstly, it will tell you if that individual has their license, and if so, if that license holder has ever been suspended or has actions pending against them. You can also conduct further research and investigation before doing business with them, such as checking public records, the Better Business Bureau, the internet, asking for and verifying references, and visiting their business address to see if they actually exist. We also feel that it is wise to meet with them in person and schedule an appointment before doing business with them.
In our situation, we’re going to tell you that we are The Jeff Real Estate Team. We are licensed realtors with the California Association of Realtors and we are licensed sales agents with the California Department of Real Estate. If you have any questions or would like further information, please give us a call. If you are facing short sale or foreclosure, we’d like to provide information and assistance to you.
Am I Able To Back Out Of A Short Sale?
Hi this is Jeff Green with The Jeff Real Estate Team. We are the premiere short sale team in the :k1: area. We’ve handled close to 300 short sales, which means we’ve come across pretty much every kind of situation when it comes to short sales. Today we are going to discuss what happens if you change your mind about doing a short sale.
You might wonder when you sign the listing agreement whether you are locked into the short sale and if you have to follow through with it. There are a few reasons why you may not want to conclude the short sale. One of the main reasons an individual usually decides to back out of a short sale is because the bank will come back with terms they don’t agree with; the unfortunate part about that is you don’t know the terms that the bank offers in a short sale until you go through the entire process. One of the very last things that happens before you officially open escrow is the bank telling you the terms of the short sale. They may want contribution from the borrower or a promissory note, something along those lines. It’s very rare, but it has happened before.
If you list your house with us and another alternative comes along, such as a special program offered by the bank, and it makes a short sale be not in your best interest, we will simply take your home off the market. We even put it right in the contract and will make it part of the listing agreement. There’s no need for you to feel forced into short selling your home or be uncomfortable with part of the process. If you are facing foreclosure or have questions about a short sale, please give us a call. We’d be happy to help you.
What Is Strategic Default?
Hi, this is Jeff Green with The Jeff Real Estate Team. We are one of the leading short sale teams in the :k1: area. Today I want to talk to you about the concept known as ‘strategic default’.
A strategic default is essentially a property owner deciding to stop making payments on their loan; that is to default on a debt despite having the financial ability to make the payments. The question is, however, who determines whether the borrower has the financial ability to make the payments. If it’s the bank they are going to say, "Hey, can you make these payments?" If it’s the homeowner, they might say they can’t make the payments.
Strategic default has become an ugly concept; for some they feel guilty not making their payments, others are apathetic. A happy medium for both parties is doing a short sale, which essentially is a plan allowing people to liquidate the property without just walking away. There are some questions you may ask such as, "What do you do when your house is worth less than what you owe?" In some markets people’s houses are worth one third of what they owe. A lot of people also ask if it’s ethical to just walk away; there are competing issues of honoring your commitment to the bank and honoring your family’s financial future.
The banks and financial institutions these days are attempting to work things out with the borrower and helping them find a solution. That’s where we come in. As realtors in the :k1: community, we’ve been doing short sales for quite some time. We’ve handled around 300 short sales as a team and we’d like to be able to help you with yours. If you have any questions about a short sale for your home, please contact us. We feel it’s important you make a balanced decision, so please call us or email us today.
Notice Of Trustee Sale Within the Foreclosure Timeline
Hi I’m Jeff Reyes with The Jeff Real Estate Team. The Jeff Real Estate Team is one of the leading short sale teams in the :k1: area. Today we are going to discuss the last step in the foreclosure timeline, the trustee sale.
We’ve already discussed the preceding steps, a missed mortgage payment, day 1 when the lender reaches out to you, day 31 when you receive the notice of default, day 121 when you receive the notice of trustee sale. The final step occurs on day 152 when your home is sold on the steps of the courthouse. There are 2 things that can happen, either an investor can purchase your home or the bank can buy it back. At times, the trustee sale can get postponed. It can get postponed for various reasons: if you are going through a bankruptcy, a short sale, or there is some paperwork holding the process up. We have successfully had a lot of trustee sales postponed because we’ve been working on a solution, such as a short sale.
From an investors stand point, they just want their money, whether it comes from a short sale or from a trustee sale. A servicer, on the other hand, is trying to salvage their name and want to make sure that you continue to bank with them. It’s in their best interest to do a short sale rather than foreclose. A lot of servicers are starting to realize that now and move in the direction. Bank of America has spent millions of dollars moving towards short sales instead of foreclosures.
There are some alternatives to foreclosure, such as short selling your home. Please contact us if you are in a similar situation or would like more information on short sales. The Jeff Real Estate Team has your best interest at hand, so please contact us today.
The Jeff Real Estate Team Discusses The Deadline To Cure Default Within The Foreclosure Timeline
Hi I’m Jeff Reyes from The Jeff Real Estate Team. The Jeff Real Estate Team is one of the leading short sale groups in the :k1: area. Today we are going to continue discussing the foreclosure timeline. We’ve already talked about the pre-foreclosure period, day 1 where the lender reaches out to you, day 31 when you receive the notice of default, and day 121 when you receive the notice of trustee sale.
The next step in the foreclosure process, which can happen up to 5 days before the trustee sale, is the deadline to cure default. The deadline occurs on day 145. The bank is telling you that 5 days before the sell date you have the opportunity to fix what’s wrong and pay the money owed. The reality of it is, if you have already been missing payments, you are probably in a situation where you’re not going to be able to cure that default. If your mortgage payments are inflated and you’ve missed payments for 6 months to a year, that’s a lot of money to come up with. If you had that kind of money, you would have been making your mortgage payment. So, what do you do? You can always consider a short sale on your home with The Jeff Real Estate Team. In our previous video, we’ve discussed contacting us once you receive the notice of trustee sale, but believe it or not, we’ve helped customers short sell their home within 5 days of receiving that notice of trustee sale. Can we help people that are so close to that deadline? We can, but it’s much easier if you contact us before hand.
The clock is ticking and the sooner you can contact us, the better. Please reach out to us if you have any questions about foreclosure or short selling your property, we’d be happy to help you!
The Jeff Team Discusses The Notice Of Trustee Sale Within The Foreclosure Timeline
Hi This is Jeff Reyes of The Jeff Real Estate Team. The Jeff Real Estate Team is one of the leading short sale groups in the :k1: area. Today we are going to continue going over our foreclosure timeline. We’ve talked about the pre-foreclosure process, day 1, and the notice of default. Ninety days after the notice of default comes the notice of trustee sale.
When you receive the notice of trustee, this is it; something has to happen, such as a short sale on your home. I actually know what you’re going through as my wife and I had to short sell our home about 4 years ago. Once you have received this notice of trustee, the bank has 21 days until they can sell your house. When it gets to this point, obviously it’s very serious. You’ve probably already been through loan modifications that have failed, as well as other alternatives that didn’t work out.
All hope is not lost when it comes to the trustee sale however. When we have a customer that needs help, we have a team of people in all different areas of our business that come together to call the bank, title company, get paperwork signed, take photos of the property, etc. A typical real estate agent will take 3-4 days to get a listing up, but since there are so many of us and everything is done electronically, we can get your home listed and put on the market within 30 minutes. We hope to complete a short sale on your home before the bank has to sell it. It’s a fast process, but when you are facing your house being sold within a matter of days, every second matters and that’s why we utilize every person on our team to do whatever we can to help you out. If you are facing a situation like this, please give us a call because we’d love to help you short sell your home.
The Jeff Team Discusses The Notice Of Default In the Foreclosure Timeline
Hi I’m Jeff Reyes with The Jeff Real Estate Team. The Jeff Real Estate Team is one of the leading short sale groups in the :k1: area. If you are interested in a short sale on your home, please contact us.
Today we are going over the :k1: foreclosure timeline. There are a few key parts to the foreclosure timeline. We’ve already covered the pre-foreclosure step, when you’ve missed your payment, as well as day 1 when the lender reaches out to you. The next major step is the notice of default. You’ll receive a letter stating "notice of default" from the lender; it’ll say how much of your mortgage payment you are in default for, including interest, and how much you owe to make it current. It’s kind of a derogatory term, but it’s meant to make the borrower realize this needs to get taken care of.
Unfortunately, there are a lot of people that don’t seek out help until they are in default. What they don’t realize is that we can help you, even if you are making your mortgage payment. Even if you’ve missed one payment we can help you. People wait until they get pushed along and that’s where that notice of default comes in. What’s important to note is that the bank has as much time as they want to reach out to you. Once they do reach out to you, that’s when the clock starts ticking. Day 31 is when they can give you that notice of default. The scary thing about that is from the day they give you the notice, they can sell your home and give you a notice of trustee sale within 90 days, and then they can foreclose on your home 21 days after that. It’s an aggressive timeline and historically speaking, we’ve seen it be a drug out process. However now we’re seeing the timeline getting closer to the time frame that :k1: law allows. That process from day 1 when the lender reaches out to you to the time when they officially foreclose on your house is only 152 days, which is not a lot of time.
If you are in that situation, please give us a call. We’d love to help you out and help you through this process. We can provide you with this foreclosure timeline as well as information regarding other alternatives, such as a short sale. We are one of the leading short sale teams in the :k1: area and we look forward to talking with you.
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