Funny Foreclosures (Long) - Posted by David (Seattle, WA)
Posted by David (Seattle, WA) on March 19, 2007 at 24:17:16:
Hey you guys a story came out of Seattle, WA King County last week about a foreclosure case where the attorney general is making some investor pay back to owners who were in foreclosure hundreds of thousands of dollars it is not clear to me what was done wrong could anybody explain here is the story:
By Connie Thompson
Two local men who offered to help homeowners facing foreclosure will have to pay back hundreds of thousand of dollars.
The lawsuit serves are a crucial a warning for anyone concerned about losing their home.
Foreclosure rescue is a huge problem and will only get bigger as more homeowners fall behind on taxes and mortgage payments.
In this case, the state attorney general went after two local men and their businesses for what the state calls nothing short of exploitation.
If you go on the internet or visit your county tax assessor’s office, you can find information on property in your county that’s facing foreclosure. This is public information you can get for free, even though some people make a business out of collecting the information and selling it.
But the state attorney general accuses Walter Scamehorn of Tacoma and E. Arliss Morgan of Burien of using the information to contact desperate homeowners behind on their taxes and offer foreclosure rescue. The state suit also names Scamehorn’s companies, Fiscal Dynamics and Cumulative, as well as Morgan’s company, Northwest Assets.
According to state investigators, Scamehorn and Morgan offered money in exchange for the title or interest in the property. Some of the payments were as little as $200.
Then, the state says the men and their businesses cashed in on the money left over once the house was sold at auction and the taxes were paid.
The state says that money would have gone to the property owners if Scamehorn and Morgan hadn’t sought them out to “help” them.
Scamehorn and Morgan deny wrongdoing, but agree to pay $290,000 in restitution. The state is also pursuing two civil charges against Joseph Kaiser of Tacoma, who previously owned Fiscal Dynamics and Cumulative, and Tina Worthey of Burien, an agent of Northwest Assets.
Foreclosures On The Rise
Between bad mortgage deals, higher taxes and a softening housing market- more homeowners here are expected to end up in foreclosure.
In fact. according to recent reports one in every 129 houses in our state right now is likely at risk of foreclosure. That also puts them risk of falling prey foreclosure rescue schemes.
No matter how bad your situation, stay away from strangers who contact you offering to help you avoid foreclosure. Odds are they’re only trying to help themselves.