Tips For Consumers On Avoiding Foreclosure “Rescue” Scams
Many Americans who have fallen behind on their mortgage
payments are being targeted for so-called foreclosure “rescue” or “prevention
“scams.
If you are facing foreclosure you should be wary of
solicitations that offer to assist you in stopping or preventing foreclosure.
If the assistance sounds too good to be true or if it sounds too simple,
it usually is. You should be cautious before agreeing to or
signing anything from someone other than your lender or servicer, which
states they can assist you in preventing or stopping a foreclosure.
What is a Foreclosure “Rescue” Scam?
Simply put - it is where a company or person promises
to help save your home from foreclosure, but is actually intent on stealing
your home or most of the equity you have accumulated in your home.
There are several types of Foreclosure Rescue Scams
you should be aware of:
-
Foreclosure Prevention Specialist – phony foreclosure counselors.
-
Phantom Help - charges high fees for work the homeowner could do themselves.
-
Lease/Buy Back – homeowners are deceived into signing over the deed
to their home.
-
False Bailout – the homeowner is lead to believe that they can rent
their home from the new owners and eventually repurchase the home.
-
Bait and Switch - the homeowner thinks they are signing new mortgage
documents, but are actually signing over the deed to their home.
Visit the following links
for more information on Foreclosure “Rescue” Scams and how to avoid becoming
a victim.
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