Saturday, September 4, 2010

Just got back from the warehouse.....

I just got home from the Sphinx warehouse. I couldn't find Mike (my P.I.) but I did find his eyepatch. It was on the floor, behind some boxes that were big enough to provide a good hiding spot, which is what I think Mike used it as. I'm starting to grow more worried by the minute, as it seems Sphinx is not playing around anymore. What could have happened to Mike? I keep calling his cellphone to no avail.
As far as the warehouse, it was completely different from the last time I was there. There were no cubicles, no computers, no faxes or printers, no shelves. It was mostly empty, aside from a single desk with a chair behind it, and some boxed paper pallets by the door.

Who knows what is going on. I will keep you posted, my loyal readers. Thanks for your concern.

New developments on the Sphinx scam

Since no new developments have occurred I am planning on taking action. I am tired of sitting on my ass waiting for my unreliable P.I. to come back from their warehouse so I'm going to go see what the heck is going on, incognito of course.

Wish me luck.

Home Loan Scams to Avoid

With the thousands of people, each looking for the perfect home loan to fit each of their individual and financial needs, it might not be surprising how fraudsters have found their way and infiltrated the mortgage market. Nowadays, there are a number of mortgage scams and the number of people getting victimized has increased.
Who are susceptible to home loan scams? Mortgage scam experts usually effectively target those who are desperate to get a mortgage by all means or those who are not well-informed. These include those with bad credit, the elderly, the minority, those who have low income, virtually anyone who wants financial relief without being aware of what they are getting into. Know that mortgage scams are one of the most undesirable scams, if not the most, as it can lead to the loss of your home.
Here are some home loan scams you need to be aware about:
  • The Hidden Balloon Payment Term. Be wary of lenders who offer to save you from the risk of property foreclosure and refinance your mortgage then suddenly impose a hidden lump sum balloon payment at the end of your mortgage term. Once you can not pay for your principal at the end of the term, you will most likely lose your home.

  • Sign Over Deed. This is when a lender contacts you and offers to help you avoid foreclosure. This new lender asks that you sign over your property to him and insists that it is a temporary measure to avoid foreclosing your home. Before you know it, he already has put your home as collateral to his own loan or even has sold it to someone else. Never sign your deed to someone else.

  • Slight of Hand Signings. Some scam lenders are just great at confusing you with paperwork. They have tactics to convince you to sign without having to read the documents. Before signing anything, make sure you understand and have read the documents carefully. Be wary of those who will rush you in, or coerce you to sign that very moment.

  • Scam. Some fraud lenders offer to help you by buying your property. They promise to sell your home back to you when your finances are stable, but you never do. Never attempt to sell your home, unless you are sure that you are willing to give it up.

  • Loan Flipping. This happens when a lender offers you home loan refinancing time and again to get more cash for a vacation, for a new appliance, or a new car. They lure you to refinance time and again but charge you high points and large fees each time you agree. Before you know it, your interest rate has increased and you may lose a lot of money from paying off pre-payment penalties. Make sure you know the refinancing terms first before agreeing, and refinance your home loan only for the right reasons.

  • Equity Stripping. A lender will tell you that you can easily get a home loan even if you do not have a stable income to manage the monthly payment. They encourage you to exaggerate your income in the application form to increase your chances for approval. This most likely will lead you to fall behind on your monthly dues and face foreclosure very soon. No matter how tempting, never go for mortgage that you can't afford.

  • Friday, September 3, 2010

    First time home buyers in the greater metro area beware

    There has been an increase in scams perpetrated by Sphinx Loans.

    More information will be added as the situation develops. Stay tuned.