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Unfair Lending Practices (Predatory Loans). EXACTLY WHAT ARE YOUR LIBERTIES?

Unfair Lending Practices (Predatory Loans). EXACTLY WHAT ARE YOUR LIBERTIES?

Rent-to-Own a property.

You will find ads that noise really appealing and provide you the capability to hire a true house to own – “Rent-to-Own.” The person who rents the property agrees to sell it to you at a later day for a specific price and tells you that the rent you pay will be counted toward a future down payment in a rent to own deal. Unfortunately, many of these homes that are rent-to-own simply frauds that appeal you into leasing your home because of the belief you will ultimately bought it. The Seller (advertiser) does not even own the house that is listed for “rent-to-own” and therefore cannot legally sell it to you in the future in some instances. The homeowner has failed to pay property taxes, is going through foreclosure, or the house is in terrible shape and has issues like asbestos and leaked lead in other situations. Some of these circumstances would avoid a customer whom has to get home financing (a mortgage) from buying the house, no matter what numerous lease repayments they will have made. In these situations, it is necessary you owns the home, has paid the taxes and any other charges like Homeowner Association dues that you check before entering into these “Rent-To=Own” agreements that the person who is renting the property to.

Rescue frauds.

Home owners that are facing foreclosure or struggling economically to cover their property loans (“mortgages”) should beware of rescue frauds. Foreclosure occurs when the financial institution whom financed your house takes back once again the house as you have never compensated your mortgage repayments on time.