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Foreclosure scams are on the rise.

   Unfortunately, as in every business, there are unscrupulous people, who claim to be foreclosure "rescue" specialists, out to cheat and steal from anyone that is an easy target.

    However, not all Real Estate Investors are scam artists, and many have gotten a bad name because of a few bad people. Alternative Real Estate has been helping Maine homeowners in distress for over 5 years. Many of our clients have written letters of recommendation about our company and some have offered to allow new clients to contact them directly.

    We pride ourselves on being able to offer homeowners many different solutions based on their individual needs. We are not out to steal your home, or take advantage of you in any way. However, we are in business to make money, just like a bank, realtor, or the person you work for. We will only agree to purchase your home if we can come to a solution where everyone wins and walks away happy.

    For your protection we will present all contracts and agreements in writing for you to review, and you will always receive copies of those agreements for your records.

    Our Clients are our most valuable asset, and we promise to always attempt to meet or exceed your expectations.

We encourage you to research any company that offers to buy your home, or stop foreclosure. Alternative Real Estate, Inc. & Alternative Real Estate Services, LLC are Maine owned, operated, and Incorporated companies.        (Click here to verify our status.) Type Alternative Real Estate in the keyword prompt and click search)   

    Alternative Real Estate is very concerned about this growing problem and we are trying to do our part to eliminate it by making people aware of things to look out for.

Don't fall prey to the following scams!

      Scam # 1 -  We'll save your credit. Pay us a fee and sign the house over to us.   The foreclosure will be recorded against us, not you. 
Truth -The foreclosure will be reported against the borrowers on the note, not anyone else.

Scam # 2 - We'll buy the property, lease it to you, you have the option to buy it back.
Truth - It might have happened, but the reality is, to buy it back you'll need a new loan that's larger than the loan you have with an interest rate greater than what you have. The payments will be higher and it's going to be very difficult to qualify. 

Scam # 3 - We'll get you a new loan and solve all these difficulties.
Truth - Every time you refinance, unless you are paying fees out of pocket, your loan balance is going up which is using up your equity.  Lenders can make a lot of money churning loans, you need to consider total loan amounts also, not just the monthly payments. Try to solve the problem, not just extend the time frame.

 Scam # 3 - Stop Foreclosure with Bankruptcy
Truth - Bankruptcy does NOT STOP foreclosure!  It only delays it. 

Other Real Estate Scams

The most common scam happens either during or after the foreclosure.  Person breaks in to a vacant house, changes the locks and then rents the property out.  When a property is advertised at below market rent, the phone number is voice mail and the "landlord" wants to meet at a restaurant or other public place, it's quite likely a scam.

Another variation on this same theme is a person giving an owner in foreclosure a cash amount for the equity in the home.  The small cash payment gains control of the property which is then rented out with no payments made to the lender.  The "landlord" pockets any rents received while delaying the foreclosure as long as possible.

Here is a link with more information.