Homeowners are being swindled out of their homes

Foreclosure scams are on the rise across the US with the recent explosion of foreclosures nationwide. There are so many people that are in foreclosure that need help they are getting desperate and reaching for any rope that is thrown to them. Unfortunately this means that a lot of people are being taken advantage of and either scammed out of their house or out of a lot of money. You have to be very careful who you hire to cure your mortgage default. Please check everyone out you are considering doing business with on the Better Business Bureau. This article discusses some of the scams and how people are being taken advantage of.

- This is an excerpt from an article posted on the Raleigh News & Observer, by VICKI LEE PARKER– The great American dream is quickly becoming the great American scam as the number of people willing to swindle consumers out of their homes is growing in tandem with foreclosures.
Those “We Buy Homes – Instant Cash” signs you see around town aren’t true. They simply prey on people in financial trouble.
“Instead of throwing them a life jacket, they are throwing them an anchor,” said Mal Maynard, executive director of the Financial Protection Law Center in Wilmington, N.C., a nonprofit group that advocates against predatory lending and provides legal services to borrowers who encounter abusive lending practices.
Here are the most common scams:
• The bailout. A scammer offers to buy your home for much less than its value, with the understanding that you can rent it and eventually repurchase it if certain terms are met.
However the sales price or monthly payments are typically inflated, making it impossible for you to buy the home back. Eventually, the property is forfeited and the new owner sells the home at market value and pockets the equity.
• The fake home sale. In this scheme, a scammer says he will buy your home to get control of the deed or title to the home.
In some cases, homeowners believe their lender has been paid – but don’t get proof before handing over deeds.
But the homeowners are still liable for the mortgage, because you have merely signed over the deed, not sold the home. The scammer rents the home to a tenant with an option to buy – pocketing any down payment and rent – but never making a mortgage payment. Eventually the lender notifies you that it is foreclosing on the property. The deed holder walks away with no liability.
• Bogus help. This scheme is simple and common. The scammer promises to save your credit or get you low monthly payments. Instead, you pay thousands of dollars in fees, and they do nothing. In the end, you still might be forced into foreclosure or bankruptcy. ….” www. indeonline.com

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