Watch Out for Foreclosure Scammers

Today’s Wiki Wednesday Feature: Foreclosure Fraud

Double whammy: Not only are you in danger of losing your home to foreclosure, but you desperately relied on the services of a “foreclosure rescuer” to help keep you afloat during this mortgage crisis. Within months, you realize that your “rescuer” is actually a fraudster. So not only do you lose your house, but you lose any equity you thought you had. What do you do?

Foreclosure fraud is a white-collar crime that is on the rise, warn U.S. officials who recently indicted 19 people who allegedly skimmed nearly $13 million in equity from 115 homeowners. While this sting operation is helping to round up some of the vultures who make a living exploiting unsuspecting victims, it is prudent that everyone be very wary of anyone who is trying to help you. Sad, isn’t it? This week’s Wiki Wednesday feature article “Foreclosure Fraud,” has a simple and direct message:

Never sign anything without consulting an attorney, a legal aide, or a credit counselor. Do not accept a referral from the “rescuer.”

If you believe you are facing foreclosure, the best thing you can do is contact your mortgage company.

The Foreclosure Fraud article is part of the Real Estate Scams package within the Real Estate Guide and the articles are worthy of review, especially since our homes are our dearest, most valuable asset and scammers are constantly devising new ways in ripping us off.

Ed: Wiki Wednesdays is a weekly feature that highlights helpful or interesting articles from the Real Estate Guide.