Foreclosure Rescue Scams
Date: Mon, 10/23/2006 - 09:44
There has been a recent increase in what are known as "Foreclosure Rescue Scams" where a consumer is contacted by a "lender" because their home is listed in some government database as going into foreclosure.
If you are contacted by such a company, please make sure that none of the documents are a "Quit Claim Deed" or any other type of a "Deed".
The documents should be a Mortgage or Mortgage Note identifying a loan is taking place. If you have already entered into some form of an agreement with such a company, please check your local Property Recording Office to see how your home is now titled.
Make sure it is still titled in your name.
If you are contacted by such a company, please make sure that none of the documents are a "Quit Claim Deed" or any other type of a "Deed".
The documents should be a Mortgage or Mortgage Note identifying a loan is taking place. If you have already entered into some form of an agreement with such a company, please check your local Property Recording Office to see how your home is now titled.
Make sure it is still titled in your name.
i have read up on these scams and they fall into 3 catergories
i have read up on these scams and they fall into 3 catergories
One is called fake/false help the helper does the scut work, making calls, sending emails etc.. and this gives the victim a sense of help/security when nothing is being done
Someone offers to bail you out, the owner signs the title over thinking they can live in the home as renters and buy it back eventually. The terms are so impossible to abide by that the owner eventaully loses possesion and the helper gets the equity in the poperty
a bait and switch program where the owner signs away their rights thinking they are bringing the mortgage current when they are not and eventually they are evicted