How to Spot and Prevent Foreclosure Rescue Scams ?
According to latest reports Many Americans who have fallen behind on their mortgage payments are being latest victims for so-called foreclosure “rescue” or “prevention “scams.
But is simple for scam artists to represent from fraud company or pose as agent to help save your home from foreclosure but in real sense these assistances is nothing but fraud tactics intent on stealing your home .
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 Foreclosure Scam tactics says and How promptly to spot them.
1.Foreclosure Prevention Professionalism - Fake foreclosure counselors or agents.Scam artist requesting you to pay an processing fee in exchange for negotiating with your lender on your behalf.
2. Bait and Entice - homeowners are deceived into signing over new mortgage documents or deed to their home. As it is the part of the re-financing scheme.
3. Fraud/Fake Bail out Package : The Home owner is falsely ensured that they can rent home from the new owners and Ultimately repurchase the home thus making them bankrupt.
4.Lease to Buy: the troubled borrower will be asked to sign over the ownership of the property but still allow you to stay on as a tenant. An option to buy back the property is given to you as part of the agreement. Unfortunately, buying back the property will be nearly impossible because of the unrealistic terms and you still end up losing your home and money.
In addition to these, homeowners are also warned against rescue companies that:
-Restricts you from contacting your lender or lawyer for legal help
-Directs you to pay your mortgage dues to them instead of the lender.
-Request you to Transfer the property’s ownership to them.
Promise to stop foreclosure immediately.
-Pressure you in signing documents without allowing you to read and understand them.
What you Should do Avoid such Scams ?
-Consult your lender directly.
-Beware of any charges in terms of investment and security.
-Take the direct legal help of your lawyers.
-Remember to check out the details with Attorney General’s office to see if they have any complaints.
-If you think that you involved in a fake foreclosure rescue operation; immediately contact the FTC via their
website over internet or dial (800) FTC-HELP.
Related posts:
- Forensic Mortgage Loan Audit Can Emerge in New face of Foreclosure rescue scam
- Foreclosure Rescue Scams figuring New heights in Hard Economy Season
- Property Fraud-Real Estate Scams
- Preventing Foreclosure Scams!
- California Mortgage Fraud suspects formally charged
March 11th, 2009 at 10:40 pm
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