Facing Home Loan Foreclosure? Beware… don’t allow scammers to make things worse!
Are you in trouble with your home loan repayments? Or are you living under the fear of being listed in the next foreclosure notice? If so, beware. Scammers on the prowl can actually make things worse.
The Foreclosure Rescue Fraud has to be one of the worst scams doing the rounds. Little side advertisements online or an innocuous sales letter in their ordinary mail have become the source of utter misery for many people.
The Means of the Scam
As their first step, criminals who perpetrate the scam find out from city courts the names and addresses of people who have been served foreclosure notices or are facing imminent foreclosure. God forbid, but if it is your misfortune to be on the notice, they will get in touch with you via email, phone or ordinary mail.
For a fee, they promise you relief from your current financial crisis and tender you their “professional” help. You are talked into believing that they are capable of taking care of your problems for you. They offer to deal with your EVIL money lenders and sometimes even to pay a couple of instalments on your behalf.
Buckling under their hardsell, you agree to a transfer of deed, which is what they’re really after. This is usually by way of a ‘Quit-Claim’ deed. After securing the deed, they use it to get a fresh loan for themselves against your property.
They do not ever consider paying out the fresh loan. Instead they proceed, without your having an inkling to it, to file for bankruptcy on your behalf. This buys them some time to hole out with the loan amount, to a safe haven.
When you don’t turn up at the bankruptcy hearings, the court gives the order for foreclosure proceedings to begin. As a disgraced borrower, you end up losing your home, money and name.
The Best Course
Fearing the distressing circumstance that foreclosure begets, anyone can be tempted to take the help of such fraudsters. But the best advice for you in such a case would be to contact your lawyer and your mortgaging company. Lending companies do anticipate such problems for borrowers and render help by agreeing to flexible repayment options.
Related posts:
I am an investigative journalist who is currently doing a series of stories on foreclosure rescue scam companies. Beware of these companies.
Check out the stories at myfoxatlanta.com. Go to I-Team, then to the gray bar.
Regards,
February 7th, 2008 at 2:19 pmDana Fowle