Obtaining a home equity loan makes it possible to payoff credit cards, finance a home improvement project, etc. In fact, one of the benefits of homeownership is being able to tap into your home's equity for large expenses. Many lenders offer great rates on home equity loans and lines of credit. Yet, homeowners should beware home equity loan scams that place them at risk of losing their home.
Understanding Home Equity Basics
A home equity loan is essentially a personal loan that is secured by your home's equity. The amount you are able to acquire will vary. For the most part, you are able to obtain a loan up to the amount of your home's equity. However, lenders will usually review your credit and income to ensure that you qualify for the requested amount.
Home equity loans are beneficial because the funds may be used for a multitude of purposes. If you are looking to payoff credit card balances, a home equity loan will help you achieve this goal. Nonetheless, exercise care when applying for such a loan. Because your home serves as the collateral, failure to maintain regular payments will result in foreclosure. Sadly, some lenders are betting on your inability to repay a home equity loan.
Common Home Equity Loan Scams
Lenders use an array of fraudulent schemes to steal your equity. For starters, there are lenders who cleverly convince homeowners to borrow more than they can afford to pay.
Moreover, a lender may encourage homeowners to exaggerate their income in order to qualify for a larger amount. Instead of having your best interest in mind, these lenders knowingly position their clients for defeat. Hence, when you can no longer afford the payments, the lender forecloses.
If applying for a home equity loan, it is important to read the loan agreement carefully. If possible, have the contract reviewed by an attorney. Some home equity loans involve a large balloon payment at the end of the loan term. The typical homeowner cannot afford to pay this amount. Regardless of whether you maintain timely payments, the home equity lender may claim your home if you are unable to make the final payment.
Scammers target home equity loan borrowers
Honolulu Police are warning of a scam targeting homeowners with home equity loans or HELOCs.
Home Equity Loan Process
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Avoid Home Equity Loan and Refinancing Scams
Avoid Home Equity Loan and Refinancing Scams
Home Equity Loan, Home Equity Loan Rates, Home Equity Loan Poor Credit
this video is about Home Equity Loan, Home Equity Loan Rates, Home Equity Loan Poor Credit. If you have equity in your home, you can apply for a home equity loan or home equity line of credit (HELOC). Your home is used as collateral, and home equity loans can be obtained regardless of your credit score. The interest rate is usually low, because the loan is secured by the home.
What is preventing you from applying for a home equity loan or line of credit?
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Home Equity Line of Credit - Dave Ramsey Rant
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What is a Home Equity Loan?
Do you have equity in your home? Did you realize you can access that equity to invest? I'm going to go over the different ways to pull that money out of your home so that you can put it towards building financial freedom.
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Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. Also, Kris Krohn, this document, and any online tools, if any, do NOT provide ANY legal, accounting, securities, investment, tax or other professional services advice and are not intended to be a substitute for meeting with professional advisors. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
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NO INVESTMENT, FINANCIAL, LEGAL OR TAX ADVICE
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Kris Krohn is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
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The only legitimate use for a home equity loan
Home equity loans are becoming easier to get, but that’s not a good thing. There is only one reason to get one, ever.
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Is a Home Equity Loan Right for You?
Flexible. Quick. Convenient. Even if your mortgage is with another lender, State Bank can help you utilize the equity you've built in your home.
You are Permitted to Get a Home Equity Loan
A woman wants to be a stay at home mom, but house repairs are putting strain on their all-cash budget. Cappy gives them permission to get a home equity loan to repair the house and so she can stay at home with her child.
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How to Spot Equity Stripping, Mortgage Scams, and Loan Modification Scams
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In light of the housing market meltdown and the great recession, consumers need to protect themselves from mortgage scams now more than ever. Mortgage scammers can get pretty creative, but here are the top 3 scams you should know about.
Scam 1 - Equity Stripping/Bailouts
An individual or company will contact you if you're at risk for foreclosure, offering to pay off the lender and take over the deed for the house. They promise to charge you a low rent while you get your finances together and that they will allow you to buy the house back from them at a later date. In reality, the scammer usually gouges the rent and ends up forcing you out of your home anyway. The scammer gets away with not only your home, but also all the equity it has built up over time.
Scam 2 - Phantom Help
In Phantom Help, an individual or company contacts you when you're at risk for foreclosure. The scammer offers to contact your lender on your behalf and file special paperwork to help you stay in your home. This service comes at an extremely high rate, and most of the work they do for you, you can do yourself. In this scam, the scammer doesn't get away with your home, but they do rip you off for the cost of their services and you end up losing your home to foreclosure anyway.
Scam 3 - Bait and Switch
In the Bait and Switch scam, the scammer deceives you by promising to reduce your mortgage rate or monthly payment. In the process of closing the deal, the scammer sneaks in paperwork signing the deed of the home over to the scammer. In this case, you again lose your home to the scammer under the guise of being bailed out and paying rent. You continue to pay monthly on a property you no longer own.
If you are at risk for foreclosure, keep in mind that this information may be listed publicly, allowing scam artists to contact you. In general, keep yourself safe by avoiding anyone who offers you to rescue you from an underwater mortgage or pull strings on your behalf.
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Home Equity & Foreclosure : Can I Defer My Home Equity Loan?
A home equity loan cannot be deferred like a student loan because it is a mortgage. Work with a lender to keep a loan alive and valid with help from a financial adviser in this free video on home equity and personal finance.
Expert: Matthew McKillen
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Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients.
Filmmaker: Christopher Rokosz
Springhill Group/FHA Warns About Home Equity Mortgage Loan Scams.wmv
The FHA official site includes a page about reverse mortgages and Home Equity Conversion Mortgages. On that page, you'll find a warning from the FHA and HUD about scam artists who take advantage of some loan applicants who don't know enough about the FHA's free information on HECM loans and reverse mortgage loans.
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HOW TO EASILY FIX CREDIT 2018
How to fix credit fast, Go to Today! Find out how to fix credit and get your life back!
Why Credit Repair?
With the current economic and social security situation, it is the consumers’ responsibility to plan for their retirement. The fact of the matter is someone will have your retirement—either you or the bank. Which do you prefer? Start now and plan your future. Have the credit that you deserve. You must see how we can help you.
We use laws in the
FCRA (Fair Credit Reporting Act)
FDCPA (Fair Debt Collection Practices Act)
FACTA (Fair and Accurate Credit Transactions Act)
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SSRA (Soldiers and Sailors Relief Act)
FTC Opinion Letters
GLB (Gramm-Leach-Bliley Act)
RESPA (Real Estate Settlement Procedures Act)
HIPAA (Health Insurance Portability and Accountability Act)
Why Would a Credit Bureau Want You to Have a Low Credit Score?
The answer is simple and logical: Would you take advantage of a 15% credit card offer if you had an 800 credit score? No. Would you take advantage of a 21% credit card offer if you had a 500 credit score? Yes!
You having a low credit score is BIG BUSINESS for the credit reporting agencies. They sell your good name and information to credit card companies for numerous credit card offers to land in your mailbox. What they don’t tell you is that these so called soft hit inquiries” that are on your credit report, do affect your credit score, and eventually you will have the perception of a low credit score and will take one of the offers.
By repairing your credit, you can add 50 – 150 points quickly to your scores in a short time.
Plus, THE LAW IS ON YOUR SIDE!
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HELOCS Can Make You Rich! (Why I Love Home Equity Lines of Credit)
President of VIP Financial Education, Matthew Pillmore, follows up with the reasons why he loves HELOCs (Home Equity Lines of Credit) and how you can leverage them as a Debt Weapon!
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Upside Down In Car Loan - I Need Advice
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The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
A home equity loan could help you improve your home
Consider a home equity loan with Lake Michigan Credit Union to take on home projects. (sponsored)
Should You Own or Rent Your Own Home
- Discover if you should own or rent your own home. Homeownership is highly valued but can renting be a better deal?
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With 22 Emmy Awards on the shelf, I decided to turn things around. A small team and I created ConsumerMojo.com to use my investigative skills and their talents to help people protect themselves from scam artists and Make Every Penny Count.
Mission
ConsumerMojo gives tips and information you need to avoid scams and make every penny count.
We cover credit, money, college loans and student savings, 55 Plus issues, immigration, travel, mortgages and more.
PSA: Why you SHOULDN’T get a 15-year Mortgage
Here’s why I don’t recommend getting a 15 year mortgage vs a 30 year mortgage, and how taking out a longer term loan could leave you with WAY more money…enjoy! Add me on Snapchat/Instagram: GPStephan
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here’s where I’m getting at, summed up as simply put as possible..if you don’t watch anything in the video, at least read this:
First of all, there’s NOTHING stopping you from paying down a 30-year mortgage early if you want to. If you get a 30 year loan, you can pay it off whenever you want. If you decide you want to pay it off in 15 years, just increase your monthly payment and pay it off sooner.
What a 30 year loan gives you that a 15-year loan doesn’t is FLEXIBILITY. It gives you the ability, if you want to, to pay it off over 30 years and invest elsewhere…or you can pay it off in 5 years, it doesn’t matter. The advantage to doing this is that it gives you more safety and leeway with your payments.
Also, home equity isn’t really going to be making you money…as unpopular as that is to say, when you have your money tied up in a property, it’s not money that’s easily accessible to invest elsewhere at a higher return. In order to get that money, you either need to sell the property - or do a cash-out refinance, pulling out your money, but then taking out a brand new loan and starting all of this again.
With a 30 year loan, you’ll have access to your money as you need it because you’re paying LESS money into an illiquid investment like real estate, and like my last example, you’ll have more free cashflow available to you at the end of the month.
And arguably, the difference in loan amounts between 15 years and 30 years is really such a small number after you account for write offs and inflation…that you may as well just take the 30 year for additional flexibility, allowing you to re-invest the money at a higher return.
And let me just say this for all the Dave Ramsey followers who live by his advice of the 15 year mortgage:
The IDEAL scenario here is that if you’re getting a home for yourself to live in, buy something where you could afford the 15-year mortgage, but take a 30 year for additional flexibility. If you’re getting a house where you can ONLY afford a 30 year house payment, I’d argue that you should lower your price range.
For an investment property, always take the 30 year…cash flow is king, not equity, so you could always go with the option that gives you the greatest amount of write offs…which is the 30 year…and the most cash flow…which is also the 30 year.
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Loan Modification Scams 2020 Protect Yourself 4 Tips
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Rinde Adebayo, is a Successful & Experienced Marketing Executive and New Jersey Real Estate Agent/Realtor with EXP Realty, who has dedicated his real estate career to provide maximum results for his clients regardless of the market. He consistently and always puts his clients interests First. Rinde has been in the real estate industry for over 14 years, and a Bergen County resident of over 12 years. He has extensive experience in buying and selling real estate as an investor, and knows the process of navigating homes to a closing. He has been Featured and reviewed by many Media/Marketing publications, and is regarded as one of the preeminent Young talents in marketing today. Through his media business and expertise, he has generated over 150 Million media impressions online/offline for clients and built an extensive International Marketing Agency. It is this same savvy and service he brings to every opportunity to make his clients Dream Come True.
In my videos, I'll be talking about all things Real Estate & Marketing. Giving advice and tips to real estate agents, and marketers. When working in real estate, you want to have all the knowledge you need to be successful. I'll be giving you an inside look at what it's like working as a real estate agent, and bringing many Guests to share key strategies and secrets with you.
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The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
EIDL Grant Questions Answered + Hidden Process
EIDl Grant & Loan... Here in the Kwak Brothers, we've been following the SBA EIDL loan and the grant program for sometime. We've been giving you live updates as well as changes to the program along the way. We've even showed you how to apply for the EIDL Grant and the loan. In this video, we're going to answer ALL of your latest questions about the EIDL grant. Also, I'm going to explain why I think you're not getting anything from the EIDL Grant. Enjoy...
0:00 - Introduction
1:08 - EIDL Q&A Time
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If you applied for the SBA EIDL Loan or the EIDL Grant, you probably have ton of questions and you're waiting on the updates. In this video, I'm going to take the first half of the video to answer your questions and comments from our previous videos!
Couple of reminders about the SBA EIDL Loan and the EIDL Grant program:
1. SBA EIDL and the PPP (Paycheck Protection Program) are two separate programs. The PPP is forgivable while the EIDL is not. Only the grant portion is considered forgivable
2. EIDL Loan is ONLY for existing businesses. Not new businesses. You must have been in business for the last 12 months as well as you're generating income from the business.
3. EIDL Loan usage has some rules... You MUSt follow them - otherwise, you'll be in default. Here's the full breakdown video:
4. The EIDL Grant is given to you as a grant. You do not have to pay it back. The grant is based on how many employees... up to $10,000.
5. If you're applying for more than $25,000 for the EIDL loan, you will need to pledge your entire business as collateral.
6. EIDL Loan application process does involve a credit check!
7. The EIDL is for Economic Injury Relief... It's NOT meant for you to expand your business, buy a new property, or to buy a new car. PLEASE GUYS... don't take advantage of the EIDL unless you're actually hurting. There are businesses that actually need it.
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The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
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---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
BUYING GOLD w/ CREDIT CARD to FLIP FOR CASH!? ????
Can you use your credit card to buy gold, only to immediately resell it for cash? Matthew Pillmore, president of VIP Financial Education, calls various credit card providers asking this question. So why is Matt asking this question? Well, this creative financing idea came from a video we recently reacted to, so this video is basically a part two to that video (How to Buy Real Estate Using Credit Cards).
If you haven't seen that video yet be sure to check it out first!
So is it even possible to generate cash using the technique they discussed? Is this a good way to create progressive income (formerly known as passive income) by accessing 0% interest credit cards, buying gold with them and getting csh for the gold to use in real estate investments? Forget whether it works well for real estate investing, is this technique even legal??? Follow along as Matt calls Chase Bank, Bank of America, Wells Fargo and Barclays to find out! Can he use his Bank of America Business Credit Card for this technique?
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Malaysia, 1MDB, and Goldman Sachs | Patriot Act with Hasan Minhaj | Netflix
On this segment from the latest episode of Patriot Act, Hasan examines the 1MDB sovereign wealth fund scandal in Malaysia, in which former prime minister Najib Razak has been accused of funneling millions of dollars from the country into his personal bank accounts. Traditionally used as a means of economic diversification by countries reliant on a single industry, sovereign wealth funds have come under scrutiny as financial organizations like Goldman Sachs and corrupt politicians have taken advantage of these large, mostly unregulated pools of money for their own gain. While Goldman Sachs continues to profit off of sovereign wealth funds in other countries, the bank is currently being investigated for its role in the 1MDB scandal, which could have lasting implications on the world of finance.
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New episodes, new topics, every Sunday - only on Netflix. Hasan Minhaj brings an incisive and nuanced perspective to global news, politics, and culture in his unique comedy series. Subscribe to the Patriot Act channel now to stay up to date with episode clips and original content from Hasan and the Patriot Act team.
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How To Get A Personal Loan With Bad Credit
Getting a personal loan is one of the mains ways to get the money you need. Even though it’s difficult, it’s possible for you to get a loan with bad credit, while certain situations are more difficult than others. There are a couple of things you can do in order to increase your chances for getting approved.
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Bill Black: Fraud and Financial Regulation
In 1987 Charles Keating asked five U.S. Senators—the Keating Five—to meet with regulators in an effort to convince them to back off Lincoln Savings and Loan Association. One of the regulators present was William K. Black, of whom Keating would later write “get Black—kill him dead.” Lincoln ultimately failed and Keating went to prison for fraud. In the decades since Lincoln’s failure and the savings and loan crisis, frauds continued to plague the financial industry, culminating in the crisis of 2007-08. The government’s response failed to seriously address the problem of financial frauds, and they continue to occur.
Currently a professor at the University of Missouri-Kansas City and a Distinguished Scholar in Residence at the University of Minnesota, Black is the author of The Best Way to Rob a Bank Is to Own One and developed the concept of “control fraud” to describe the use of a legitimate entity by its executives as a weapon to commit fraud—something that occurs with alarming frequency, particularly in the financial industry. Previously, he was the Executive Director of the Institute for Fraud Prevention, the litigation director of the Federal Home Loan Bank Board, deputy director of the Federal Savings and Loan Insurance Corporation, senior vice president and general counsel of the Federal Home Loan Bank of San Francisco, and Senior Deputy Chief Counsel at the Office of Thrift Supervision. He has advised leaders from around the world on combating fraud and financial crises.
Sponsored by the Harvard Law Forum, the Tax Law and Financial Regulation Students Association, the Modern Money Network, and the DOS Grant Fund.
Four Horsemen - Feature Documentary - Official Version
RenegadeInc.com brings you FOUR HORSEMEN - an award winning independent feature documentary which lifts the lid on how the world really works.
As we will never return to 'business as usual' 23 international thinkers, government advisors and Wall Street money-men break their silence and explain how to establish a moral and just society.
FOUR HORSEMEN is free from mainstream media propaganda -- the film doesn't bash bankers, criticise politicians or get involved in conspiracy theories. It ignites the debate about how to usher a new economic paradigm into the world which would dramatically improve the quality of life for billions.
Subtitles available in English, French, Greek, Spanish and Portuguese.
It's Inside Job with bells on, and a frequently compelling thesis thanks to Ashcroft's crack team of talking heads -- economists, whistleblowers and Noam Chomsky, all talking with candour and clarity. - Total Film
Four Horsemen is a breathtakingly composed jeremiad against the folly of Neo-classical economics and the threats it represents to all we should hold dear.
- Harold Crooks, The Corporation (Co-Director) Surviving Progress (Co-Director/Co-Writer)
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