Last month, President Bush signed a housing rescue bill, which will provide assistance to at least 500,000 distressed homeowners. The $300 billion legislation is set to be implemented starting October 1
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From the category archives:
Foreclosure Rescue
According to foreclosure reports, the number of New York foreclosure homes entering foreclosure has risen dramatically over the last couple of years. The counties of Queens and Suffolk seem to be hit the hardest, with their foreclosure rates doubling since 2005.
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Before, losing your home to foreclosure can be considered to be the worst thing that could happen. But these days, it seems that there is something much worse — falling victim to a foreclosure scam.
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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.
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To combat and somehow slow down the growing problem in the mortgage industry, a new foreclosure rescue plan was launched in Washington.
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Comparing the two foreclosures data from April and May, one can hope that the North Carolina foreclosures situation is leveling off. There was a slight increase in foreclosures rate between these two months, which resulted to the state holding on to the 19th position for highest foreclosures rate. Of course, comparing it to the same period last year, the 83.31 percent increase in foreclosure filings will crush all hopes.
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