The Spam Blog: Foreclosure101: Be Careful Of Spam!

The Spam Blog: Foreclosure101: Be Careful Of Spam!

Thanks for linking to my blog post.

Be Careful Of Spam!

Here is a copy of a recent email that I got:

We've attempted to contact you about your home loan needs.

Your loan has been pre-approved for a rate as low as 3%

We specialize in getting the lowest monthly payment possible!

Bad Credit is not a problem

Home Equity (New Deck, Basement, Finishing, Remodeling, etc

New Home Purchase

debt Consolidation

Refinance Current Loan

Vacation

A~
Account Manager

60 second form No Obligation Quote - Click here now

First of all this email had a lot of grammer-related errors. There is no mention of the name of the business and I purposely left out the name of the "account manager" that was provided in the email.

Second of all, of course, is the fact that I did not apply for a loan from these people. (I don't even know who "these people" are!)

I wouldn't respond to such a message - except for reasons of research. And quite honestly I thought that with all the problems that the mortgage market is having right now that mortgage-related financing solicitations wouldn't be happening but they still are!

So it seems that there is still a market for those looking for clients, homeowners, etc in regards to mortgage re-financing.

As bad as the whole mortgage market is right now its just best (if you can) to be able to pay your mortgage off so that you won't be under the stress of having a monthly mortgage payment.

More "Talk" About The State Of The Economy....

Here are some excerpts from an online article:

".....but Democrats said they believed the government should be doing much more to help millions of Americans cope with a threatened tidal wave of mortgage foreclosures.........the serious housing slump and a credit crisis triggered by rising defaults in subprime mortgages had greatly strained the economy.......To date, the largest economic effects of the financial turmoil appear to have been on the housing market, which, as you know, has deteriorated significantly over the past two years or so.......”

Tax rebate checks ranging from $300 to $1,200 were sent out without delay starting in May as part of a "stimulus" package to help encourage spending. However not everyone qualifies for this tax rebate check.

"Pressed to say what more the administration plans to do, especially in dealing with a threatened wave of mortgage foreclosures, Paulson said he continued to look for good ideas but at the moment did not see the need to do any more than such current efforts as encouraging the mortgage industry to freeze rates on some subprime mortgages for five years and offering a 30-day reprieve on foreclosures for homeowners seriously behind on their payments to give them time to try to work out a loan modification with their lenders........."

"said that in the final three months of last year, more than 470,000 homeowners got help from companies servicing their mortgages and almost 30 percent of those received a loan modification. He insisted the administration was working hard to help, and called the problems facing some struggling homeowners “heartrending......”

I posted excerpts of this article because for all of its "wording" it still shows that Washington is just "talking" and not doing anything about the crisis of home foreclosures. And that mention of the grant programs still does not address the issue of keeping the homes out of foreclosure in the first place.

Yet again - Washington dissappoints!

source
San Diego.com

Reverse Mortgage?

I was listening to one of my local radio community talk shows and they were talking about reverse mortgages.

The definition of a reverse mortgage is a loan giving a senior homeowner the ability to change home equity into cash. Usually no payments are due until the senior moves, passes away, or the home is sold. The loan is due when the senior dies, moves, or sells. The final payment is calculated to not exceed the home's selling price.

It sounds like a good idea for those seniors that are having trouble with making their mortgage payments BUT before you decide to take advantage of this kind of mortgage please check it out first!

It may help if you listened to the same program that I was listening to. It is a local community talk radio show called "The Empowerment Zone" and it is heard on Saturdays at 4pm to 5pm on WURD-900 am. Since this radio station has an online website you can listen to the radio program via the internet even if you are located outside the Philadelphia area!

Here is more information on this radio station:

900AM WURD
1341 N. Delaware Avenue
Suite 300
Philadelphia, PA 19125

Office Hours: 9am - 5pm EST
Phone: 215-425-7875
Fax: 215-634-6003