European Stars and Stripes (Newspaper) - April 11, 2007, Darmstadt, Hesse                                Wednesday april 11 2007 stars and Stripe Page 15 your Money reasons to beware of we buy Homes by Vicki Lee Parker the Raleigh no news observer the great american dream is quickly be coming the great american scam with so Many homeowners forced into foreclosure last year and just As Many expected this year the number of people willing to swin dle Consumers out of their Homes is also on the Rise those we buy Homes instant Cash signs you see around Many Urban areas Arent True they simply prey on people in financial trouble instead of throwing them a life jacket they Are throwing them an Anchor said Mai Maynard executive director of the financial Protection Law Center in Wilming ton no a nonprofit group that advocates against predatory lending and provides Legal services to borrowers who encounter abusive lending practices Here Are the most common scams the bailout a scammer offers to buy your Home for much less than its value with the understanding that you can rent it and eventually repurchase it if certain terms Are met however the sales Price or monthly payments Are typically inflated making it impossible for you to buy the Home Back eventually the property is forfeited and the new owner Sells the Home at Market value and pockets the equity the fake Home Sale in this scheme a scammer says he will buy your Home to get control of the deed or title to the Home in some cases homeowners believe their Lender has been paid but dont get proof before handing Over deed but the homeowners Are still liable for the mortgage because you have merely signed Over the deed not sold the Home the scammer rents the Home to a tenant with an option to buy pocketing any Down payment and rent but never Mak Hal built Singie family Homes Are shown in Santa Clarita Calif on March 26 with so Many homeowners forced into foreclosure last year the number of scam artists is also on the Rise ing a mortgage payment eventually the Lender notifies you that it is foreclosing on the property the deed Holder walks away with no liability bogus help this scheme is simple and common the scammer promises to save your credit or get you Low monthly pay ments instead you pay thousands of Dol Lars in fees and they do nothing in the end you still might be forced into foreclosure or bankruptcy most foreclosure scammers identify their victims by watching for property that has been listed for Sale in court they approach the Homeowner with offers to help other scammers Are contacted by Poten tial victims who have seen a flier Advertis ing foreclosure Rescue so if youre a Homeowner in financial trouble thoroughly Check out any Organiza Tion before doing business with it Here Are some other tips dont sign your deed Over without consulting a lawyer you Trust remember simply signing your deed Over Doest formally release you from your mortgage liability dont sign any contract to sell your Home until you review the document with a lawyer dont work with anyone who discourages you from contacting your mortgage company refuses to put promises in writ ing pressures you to sign paperwork you Haven had a Chance to read thoroughly or fills out paperwork for you Contact your Lender at the first sign of financial trouble see if the loan can be re structured or refinanced or work out a re payment plan keep in mind that most lend ers dont want to foreclose because it costs them Money also the longer you wait the fewer options you have for help once a Lender begins foreclosure proceedings the process is Swift your Home could be auctioned in As few As three weeks after your court hearing consider Selling your Home if you have equity in it if All other options fail you might also consider feeding your prop erty Back to your mortgage company also known As Deedi lieu of foreclosure if the Lender agrees to this transaction you can be released from most or All financial obligation and the Lender benefits by not hav ing to pay repossession fees and other costs associated with foreclosure Contact a reputable nonprofit credit and housing Counselor if you Are not Able to work with your Lender for a list of approved housing Counselor in your state Call the us department of housing and Urban development at 800 5694287 or go to Hudgon and Click on the foreclosure link Many people miss out on real help financial and otherwise because they Are too embarrassed to admit they got roped into a expensive mortgage just remember there is no shame in getting help mondays Market summary Bexes 52week High Low name last net chg Ltd chg chg 52wk chg 1279593 1068332 Dow Jones industrials 1256914 521142 413472 Dow Jones transportation 501010 51172 38097 Dow Jones utilities 51360 946362 770811 nose composite 942921 219915 180065 amex Index 219795 253142 201278 Nash a composite 246918 216 09 146157 121929 144461 87089 71053 86253 83001 66858 Russell 2000 81164 171 21 1482876 1224990 do Wilshire 5000 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Bank ing facilities in the country of issuance for Japan South Korea Germany the Netherlands and the United kingdom for no local currency Exchange rates in purchasing British pounds in Germa Check with your i Cal military Bank ing facility commercial rates Are inter Bank rates provided for reference when buying currency All figures Are foreign currencies to one Dollar except for the British Pound which is represented in dollars Pound and the euro which is dollars Teuro new York merc dose Gold Silver interest rates prime discount rate 625 Federal funds Market rate 3month bill508 30year Bond 750 sources the associated press Bank of America and sensibility Money tip of the Day irs filing extensions Market watch new promised yourself youd file your tax re turns in january this year then february rolled around and you told yourself you still had time March passed in a blur now its april and the filing deadline april 17 is just Days away if you dont have enough time to get everything together by then there is a Way to save your hide get an automatic filing Extension it will allow you six extra months you must file by oct 15 just remember an Extension to file a return does not also mean an Extension of time to pay your tax liability if you dont pay the tax shown when you file for the Extension youre going to be subject to interest and penalties according to Wjk Lassers your income tax 2007 heres How to buy some extra time mail it in download and Complete form 4868 from irs gov and mail it in by tues Day april 17 file online you can electronically file the Extension through tax preparation soft Ware online filing services or with your tax preparer because the irs Doest directly accept payments via cred it card you will have to use a third party such As online soft Ware to make the payment youll probably be charged a fee for the service r note to readers Jim Coates computer column ask Jim will return to the your Money Page soon