The Kansas Office of the State Bank Commissioner is warning homeowners to beware of foreclosure-avoidance schemes because of expensive fees and the risk of sharing title to a third party.
"These schemes could actually hasten foreclosure," said Kevin Glendening, deputy commissioner of the Office of the State Bank Commissioner.
- Topeka Capital-Journal
If you have heard of a company or individual known as "The Money Guy," then you may already be familiar with the scheme.
Tony Schwartz, president of TMG Ventures, Tualatin, Ore., doing business as The Money Guy, must stop engaging in the business of making or collecting payments from supervised loans. The orders bar him from future application for license as a supervised lender in Kansas.
Schwartz was ordered to pay a $55,000 fine and a $60,000 fine.
Glendening said TMG Ventures did a deal with a Kansas couple whose outstanding loan was $145,000. In exchange for $14,400 from TMG (designed to bring their mortgage account current), the family relinquished to Schwartz a 95 percent interest in their property valued at $197,000.
"Refinancing is nearly impossible when you only control 5 percent of the interest in your property," Glendening said.
---
go ahead share your thoughts with me now.
No comments:
Post a Comment