Mortgage Foreclosure Rescue Scams

Image mortgage foreclosure rescue scams

Foreclosure rescue fraud is sweeping the country and can end up costing you the home and equity you're desperately trying to save from foreclosure.

In these tough economic times, mortgage foreclosure rescue scams are sweeping the nation. Foreclosure rescue fraud is both devious and cruel. Homeowners, finding it difficult to make ends meet and facing foreclosure, are promised help to save their homes. These scammers often turn around and steal the homes from those they promised aid to. Some collect large fees for services never provided and are never seen from again.

In any form, mortgage foreclosure rescue scams add insult to injury and are expected to grow in popularity with crooks as Americans default on their mortgages in larger and larger numbers.

Foreclosure rescue scams usually fall into one of the following three categories

Perpetrators of foreclosure rescue scams prey on the desperate and weak

As is the case with any scam, avoidance is the best medicine. This is particularly true with foreclosure scams as undoing the damage done will involve money for attorney fees, time, and intervention by state regulators. When people are desperate, they will believe just about anything if it involves much needed help. Just remember, if something sounds too good to be true, it probably is.

These scams are so new, and the laws are so vague regarding them, that law enforcement has so far been reluctant to intervene. Even if the con artists were prosecuted, it would probably not be enough to save the home that was being foreclosed on in the first place.

Foreclosure rescue scams usually begin with offer too good to be true

For the purposes of our discussion, we will refer to the scam artist as a rescuer even though they are anything but.

Foreclosure rescue fraud utilizes basic tactics and conditions to gain the victim's trust

It seems like foreclosure scams would be too complicated to execute. At their most basic, however, they utilize some very basic tactics under favorable (to the con) conditions.

Foreclosure is difficult enough without scams being involved in the process. Follow these do and don'ts

What do to if you get caught in a foreclosure rescue scam

If you get caught in one of these scams it is imperative that you contact a consumer protection lawyer right away. An attorney can assist you as you navigate your way through hearings with enforcement agencies, eviction hearings and in lawsuits. Not a pretty picture.

If you believe that you are the victim of criminal activity, such as forged documents being presented for your signature, you should contact your local law enforcement agency. Unfortunately, these scams are so new that there aren't many resources available to fight them. Consumer protection groups are already advocating for laws to fight these types of scams.

Related Mortgage Foreclosure Rescue Scam Links:

Foreclosure Rescue Scam Tips
Mortgage Foreclosure "Rescue" Could Cost You Your Home
Beware of Home Mortgage Foreclosure Rescue Scams

Sharing is Caring: