Foreclosure Assistance: Learning To Spot The Scams
By David Faulkner
There is no doubt that more and more people have been forced
into financial difficulties by the collapse of the US housing
market, and are now being faced with home foreclosure. And with
the rising number of requests for foreclosure assistance, there
has been an accompanying increase in the number of foreclosure
assistance scams. To make matters worse, those responsible for
the scams not only walk away with their victim’s cash, they
often walk away with the titles to their homes too.
Even if you have received a foreclosure notice, you should not
panic and reach for the first offer of foreclosure assistance.
You need to learn how to recognize the tricks which foreclosure
assistance crooks use to swindle those in your situation.
The Equity Skimming Scam
The stress of being in financial difficulty can very easily
cloud you judgment, and this is especially true if you are
confronted with the looming loss of your home. One of the scams
perpetrated by fake foreclosure assistance companies is Equity
Skimming.
In the Equity Skimming scam, an unsolicited offer is made to
find a buyer for your home so that you can clear up your debt s,
and the individual making it requires you to sign your home over
so that you will no longer be facing foreclosure, with a promise
that you will be paid some of the profit when they sell the
home.
But once you have transferred title to your home, the scammer
will simply rent it out for a while, pocketing the rent while
the bank proceeds with foreclosure. You have lost your home,
and will remain liable for the unpaid mortgage, because
transferring the deed did nothing to transfer your mortgage
obligation. You are out not only whatever you paid the
scammers, but your home as well.
Fake Counseling Services
Then there are the fake foreclosure assistance counseling
services. They tell you that for a minimal fee you will be able
to have their experts negotiate with your mortgage holders to
get the foreclosure assistance you need They promise to relive
you of the burden of having to deal with your mortgagor on your
own, saying that their expertise in such matters will enable
then to get you the best possible deal.
But more often than not, the only methods of foreclosure
assistance they are capable of offering are those you could
practice on your own, at no cost. The best they can do, if they
even do that much, is get you a short-term grace period of lower
monthly payments while you look for alternative sources of money
to pay off your mortgage default. For more info see
http://www.myfinancialbliss.com/foreclosure/foreclosure-assistance-18
on foreclosure assistance.
Do not accept any offers of foreclosure assistance which are
not spelled out in writing. And do not agree to any agreement
without first having it reviewed by an attorney familiar with
foreclosure. Finally, if you suspect you have been targeted by
a foreclosure assistance scam, contact the Consumer Fraud Unit
of your District Attorney’s office without delay.
About the Author: You can also find more info on
http://www.myfinancialbliss.com/foreclosure/foreclosure-prevention-28
on foreclosure prevention and
http://www.myfinancialbliss.com/foreclosure/foreclosure-refinance-35
on foreclosure refinance.
Source: http://www.isnare.com
Permanent Link:
http://www.isnare.com/?aid=220009&ca=Real+Estate |
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