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"Foreclosure Scams" Articles
 

  • Homeowners Beware of Foreclosure Cons - Realizing that you're facing foreclosure on your home may be the most trying and traumatizing time of your life. Don't aggravate the situation by becoming the victim of a scam perpetuated by slippery con artists who take advantage of your desperation and fear. They do this by promising to help you save your home, but what their really doing is helping themselves to any money that you may have. Some of the cons being enacted on homeowners that are dealing with foreclosure involve scammers who request upfront fees for their assistance. In one variation, the property owner is assured that the scammer can communicate with the lender or mortgage holder more effectively than the homeowner.
  • Mortgage Scams - If It Sounds Too Good to be True, It Probably Is! - Unfortunately in today's troubled economic climate while most people are just trying to do what they can to weather the storm, some individuals consider this a perfect opportunity to exploit a vulnerable situation and make a profit. By the end of last September, 2007, the U.S. Treasury Department stated there were 46,717 cases of mortgage fraud reported - an increase of 35,617 from the previous year. That translated into a dollar loss of more than $813 million.
  • Fraudulent Foreclosure 'Help' in Denver - A record number of foreclosures have been filed in Denver this year, even higher than the oil industry bust of 1988. Although Denver is attributed with a far lower number of foreclosure homes than many other American cities, it has nevertheless been targeted for foul play. There are a number of mortgage fraud schemes operating in the country now, and the FBI has listed Denver as one of the cities that is among the top ten 'hot spots' for mortgage fraud. This means that any family facing foreclosure should be extra vigilant about 'help' offered. Perhaps Denver has been targeted by criminals because many of these foreclosing properties are grouped into areas. For instance, concentrations occur in Adams and Weld Counties and Montbello and Green Valley Ranch.
  • Real Estate Vultures: The Scam of Foreclosure Rescues - Foreclosure rates in Texas have reached an all-time high, thanks to the sub prime lending fiasco. A large number of people that have been affected are low-income families who didn't have enough money in the first place to buy a home. They were lured into the housing market by lowball interest rates and dodgy lending practices. These homeowners find themselves unable to make their mortgage payments now that the teaser interest rates have morphed into high monthly payments. Homeowners feeling the crunch think their hands are tied, and that there's no way out of this financial mess. Knowing that there are a lot of people needing help, there has been a surge of businesses offering assistance to those facing foreclosure. While there are some reputable businesses out there, there are far more unethical people looking to profit off of struggling homeowners.
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