Beware of Foreclosure Scams! Some Red Flags to Look For...

If you are at risk for foreclosure or currently in foreclosure, you have enough to worry about without falling victim to one of the many foreclosure scams out there. These so called "foreclosure rescue companies" promise to help save your home, but in reality are out to rip you off and make a profit.

Make sure you know who you are dealing with and be careful! Following are some of the red flags to look out for...

1. Asking for money up front before providing any service.
2. Telling you not to contact your lender, lawyer, family, friends, etc..
3. Asking for mortgage payments to be made directly to their company or bank accounts set up by them, rather than to your lender.
4. Promises to stop the foreclosure process, no matter what the circumstances.
5. Advises you to transfer your property deed or title to his or her company.
6. Encourages you to lease your house and buy it back over time.
7. Asks for you to give a power of attorney.
8. Offers to fill out paperwork for you.
9. Asks for signatures on a document with lines left blank.
10. Asks for signatures on a grant deed or deed of trust.
11. Refuses or fails to put an oral promise in writing.

If you are dealing with a company or a representative who asks you to do any of these things, run!!


If you have been approached by a scam artist or have been the victim of a foreclosure-related scam, you can report the incident to the following organizations and enforcement agencies:

California Attorney General: http://ag.ca.gov
California Department of Real Estate: www.dre.ca.gov
Federal Trade Commission (FTC): www.ftc.gov
Department of Housing and Urban Development (HUD): www.hud.gov
Better Business Bureau: www.bbb.org

OPEN HOUSE SUNDAY (Sept. 26th) FROM 2-5 PM - 9738 Pali Avenue, Tujunga, CA 91042

I will be hosting an open house on Sunday afternoon, September 26th, 2010, at 9738 Pali Avenue, Tujunga, CA, from 2:00 to 5:00 PM. This property is a real estate owned (REO) property (otherwise knows as a foreclosure) and has only been on the market about a week - Sunday will be the first open house.

I know that the weather is supposed to be a tad warm tomorrow (to put it mildly..), but hopefully it will not keep everyone away from a wonderful afternoon of house hunting!

Contact me anytime (323-810-7976) for information on this or any other property you may be interested in purchasing...

Have a great weekend!

9738 Pali Avenue, Tujunga, CA

3+2 in Prime Tujunga, Glendale Adjacent!! Walking distance to Foothill Boulevard!! Open Sunday, September 26 from 2:00 - 5:00 PM

3BR/2BA Single Family House offered at $438,900 Year Built 1953 Sq Footage 1,243 Bedrooms 3 Bathrooms 2 full, 0 partial Floors Unspecified Parking Unspecified Lot Size 6,969 sqft HOA/Maint $0 per month DESCRIPTION 3+2 in Prime Tujunga, Glendale Adjacent!! Features include: lovely private backyard, laminate / tile flooring, granite kitchen, vaulted ceilings & exposed beams, front porch & rear patio, 2 car garage, dual paned windows and so much more! see additional photos below

PROPERTY FEATURES - Central heat - Fireplace - High/Vaulted ceiling - Living room - Dishwasher - Stove/Oven - Granite countertop COMMUNITY FEATURES - Garage parking - Covered parking

ADDITIONAL PHOTOS Kitchen Living Room Front View Backyard Bedroom Backyard

Contact info: John Barry Coldwell Banker (323) 810-7976 For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 25, 2010, 8:27pm PDT

Hew Help for Homeowners as Obama Signs New Law...

President Obama has signed into law the "Helping Families Save Their Homes" Act, designed to help homeowners who are having difficulty making their monthly mortgage payments refinance to an affordable rate, and help homeowners increase the affordability of their mortgages, and avoid preventable foreclosures.

"These landmark pieces of legislation will protect hardworking Americans, crack down on those who seek to take advantage of them, and ensure that the problems that led us into this crisis never happen again," said President Obama.

The new act strengthens provisions in the existing Hope for Homeowners program, requiring principal writedowns by lenders to help homeowners increase the value of equity in their homes. The eligibility requirements of refinancing underwater mortgages will also be eased, allowing refinancing for a greater number of borrowers.

In addition, the Act also has provisions to help restore the credit flow in the US economy, including an extension of the temporary increase in the Federal Deposit Insurance Corporation's (FDIC) deposit insurance limits providing added confidence to borrowers, but also increases the borrowing authority of the FDIC to $100 billion. The Act also increases the borrowing authority of the National Credit Union Association (NCUA) to $6 billion.


A press release on the new law from The White House in Washington, D.C. can be found HERE.