Foreclosures are on the rise and so are the late-night-TV hyped seminars about how to profit from foreclosures, loan modification and short-sales. The information provided in these seminars is reasonably accurate - but only up to a point. Many of these seminars fail to disclose when a “rescue” or short-sale crosses the legal line and becomes a scam that strips the homeowner of their equity. Topics covered in this course include:
• How mortgage “elimination” scams work, are sold and who often is hurt
• Overview of the foreclosure process
• How foreclosures can be legally cured
• The five primary foreclosure “rescue” scams
• The legal issues for agents, mortgage brokers, loan officers, appraisers and “investors”
• Short-sales and where the line between legal and illegal occurs
Course Objectives
As a result of taking this class you should:
1. The foreclosure process
2. The legal methods for curing foreclosures
3. How the process is being misused by scammers
4. Legal landmines and problems associated with loan modifications and short-sales
5. The licensed professionals' liability under The Laws of Agency, Consumer Protection Act, Mortgage Brokers Practices Act, new state laws and how to avoid harming consumers.