Incidences of Foreclosure Scams Rising
With the occurrences of foreclosure scams on the rise in the wake of the rising number of homeowners in distress, federal authorities are vowing to crack down hard on those who would attempt to profit on the misfortune of others. When homeowners are in danger of facing foreclosure, many of them become desperate to try anything to avoid the outcome of a foreclosure sale, and as a result, scam artists are popping up all over offering to provide help and then only taking the homeowners for all that they can and leaving them worse off than when they started.
The typical scam begins when a homeowner is in danger of foreclosure. Posing as a foreclosure consultant or under company names such as “Home Savers”, foreclosure scam artists will approach homeowners and offer to help them save their property through any number of false means, such as providing a new loan. The homeowner will then be tricked into signing paperwork which in effect signs away their rights to their property.
The FBI recently made a large scale bust of a foreclosure scam operation in the San Diego area, but say it will take more than just police enforcement to help homeowners avoid this situation. Homeowners need to become aware of the threats out there, and be wary of who offers help when you’re at your weakest.
Take a look at our Foreclosure Listings in:
- Atlanta Foreclosure Listings
- Dallas Foreclosure Listings
- Charlotte Foreclosure Listings
- Miami Foreclosure Listings
- San Diego Foreclosure Listings
- San Francisco Foreclosure Listings