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shawthorne1977 · Joined: 12 May 2007 Posts: 10 5.26 Dollars($)

I received this in an email over the weekend, and was wondering what anyone knew about this company? I followed the link and it took me to America's Home Mortgages website. I just want to know if this is b.s. or not. I don't remember filling out anything for these people to contact me so I'm also wondering how they got my address and situation...

Dear Sheila,

We are accepting your application on 2205 Hambrooks Blvd to offer you a financing solution with a No Fee - No Qualifying Restructuring Opportunity that is Free of Charge.

After further review of your quote request , our lenders have established 2205 Hambrooks Blvd can LOWER your payments by a THIRD or more.

You are approved for a loan up to $215000 + $25,000 in debt consolidation or Improvements.

Your credit history will not disqualify you as we negotiate with your current mortgage company to lower your payments and increase your loan amount if needed to consolidate your debt.

For more information on this program contact one of our spest today via phone or online request.

Thank you I look forward to your call or online request.

[Link deleted as per forum rules. Thanks.]

Guest

It's good that you shared it here. well, I'll tell you something - it's not only you who's facing it. I've too got such mails and just deleted them from my account. Just b.s stuff! It's somehow that they've got your email. But stay away from such companies who actually say that you're approved without you having even applied for the loan.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Shaw, there are many such companies looking to catch uninformed consumers into their traps by giving such unrealistic loan offers. They do not anything about your financial condition. They may have purchased your email address from somewhere and are sending you this mail which is likely a part of their bulk mailing system.

Whenever you get any such offers for which you have not applied, it is surely a scam and delete it without giving any reply to it.

Miller

shawthorne1977 · Joined: 12 May 2007 Posts: 10 5.26 Dollars($)

I have just been deleting them. As I mentioned before, we have been working with HUD here in Maryland to try to get some help on our mortgage since a loan repayment plan will not work with our current income (per the mortgage company guidelines). Yesterday I received a call from someone there suggesting a program from a company called Clean Slate which has an investor that pays our mortgage for a year while we get back on our feet and then after the 12 months we all go back to the table and we get our house back. My husband and I think this is someone's way of getting a house for free and we'll be out on our bums, but I thought I'd run it by everyone here to get the low down on it.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Such an offer can be used but you need to make sure that proper legal documents are made which will mention that you will get back the ownership after 12 months.

You also need to know what interest the investor will have in helping you out this way. Contact an attorney to know if this type of contract can be legally possible or not before going ahead with it.

Miller

blue · Posted: Tue Jun 19, 2007 1:26 pm Post subject:

Hi Shaw,

This offer means that ownership will be given to this investor without knowledge of the mortgage company. The investor will be paying the mortgage for one year for what type of consideration in return?

If mortgage company comes to know of it, they can disallow such a contract been made. So there is some amount of risk in accepting such an offer. But if it is done correctly, I mean a proper contract is made which will help you get back your house after one year then you can look at this proposal.

But don't act in haste. Understand all the terms, if they provide you with a contract agreement before signing on anything. Let us know what investor's interest would be in all this.

Thanks
Blue

shawthorne1977 · Joined: 12 May 2007 Posts: 10 5.26 Dollars($)

From what the woman said the investor would get paid out of the escrow of the house. And the payments would be made from the escrow in the house. It just sounds wierd to me.

colin · Posted: Tue Jun 19, 2007 1:45 pm Post subject:

Such account is maintained for paying property taxes and insurance. I can't say how he will be paid out of that account.

What you can do is tell them that you are interested to know more how it will work out and be given more details about the plan then you will be able to figure out how all this is going to work.

Share the information that you get from them so that we can tell if you are falling pray to some scam.

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

Yup, I too not very sure how it would work out. Shaw you need to get more details on it before saying yes to this plan.

shawthorne1977 · Joined: 12 May 2007 Posts: 10 5.26 Dollars($)

I typed escrow earlier and I meant to type equity. But who knows what the investor would do with our house. I really don't like idea of someone else owning our house whether we live in it or not. It sounds too tricky. We've heard a lot about people losing their houses to these types of programs lately. We don't have the money to catch up right now, but we're going to be making payments every month now. They may be two months behind but they're being made. It's going to kill our credit but I just cannot afford to have a loss on my hands.

Niicss · Posted: Tue Jun 19, 2007 5:11 pm Post subject:

I went through all the posts Shaw and am of the same opinion as you have. Transferring property rights to some investor while the loan will remain in your name & then a year later you will again start making the payments yourself sounds too complicated for ordinary people like us.

If you are confident that you can continue the loan and expecting income rise then do not transfer your property rights to someone. There are few defaults but still you are making the payments. Lender won't go for a foreclosure as long as he sees that there is a chance that you can continue the mortgage. The interest amount they receive is what there earnings are on the loan. They do not want to lose it.

Defaults may have spoiled your credit but you can recover out of it after your income improves. Just hold on to things and they will start to improve with time.

shawthorne1977 · Joined: 12 May 2007 Posts: 10 5.26 Dollars($)

That's just how I was feeling. I mean it sucks that my credit is going down the tubes, but I have my house and my car and I don't need credit cards. So just pay what I pay and fix the credit when we're caught up and back on our feet. I really appreciate all the support. It's helped me a lot to keep a level head and be able to handle all of this.

Samantha

Hi Shaw,

You're right in thinking that the deal will not work out. It seemed strange when i went through your post. What is even surprising is how the company official who called you up got the contact number. Next time if someone calls up and speaks of such a deal, do check the reliability of the company from the Better Business Bureau .

Hope this helps...

God bless you.

Samantha

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

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