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RSS FeedForeclosure Scams |
Aug. 23, 2007
Categorized in: Market and Trends
Tagged with: federal investigations, foreclosure scams
A recent article on the Wall Street Journal site has indicated that the jump in foreclosures has sparked a new kind of mortgage fraud. It's called Foreclosure Rescue. According to this article, the Feds are examining over 1,200 cases where these so called rescuers target homeowners who are on the very verge of foreclosure and offering to put their home into a "trust" that supposedly allows the homeowner to remain in the home and continue to make payments until they are back on their feet.
However, those that have taken the bait, lost their home anyway. Apparently, these scam artists design these rescue options to fail so the homeowner loses their home to them, who then sell the home and pocket the equity. Click on the link to read more about this current scam .
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