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Beware of Foreclosure Scams

This post was written by jd on January 27, 2009
Posted Under: Real Estate

Signs of Foreclosure

Signs of Foreclosure


It seems when people are distressed, there is always someone to help out and someone to take advantage of them. Now there are a lot of swindlers out there trying to take advantage of people who are on the verge of losing their home. If you are like me, I tend to trust people which is a good thing, but can also be bad, so be careful.

If you happen to fall into their trap, you can lose your money, ruin your credit and in most cases have no hope to avoid foreclosure. If you think you are facing foreclosure, be careful and be sure to read the following article from the Los Angeles Times. Here is part of the article.

“The scams typically work like this: Swindlers target homeowners who are behind on their payments, promising to help them renegotiate their mortgages and avoid foreclosure in exchange for a fee. Then, typically, the swindlers take the money and disappear leaving the homeowners in worse straits than when they begun.

The scammers have popped up everywhere in the last year as the real estate market has spiraled down.

From the ubiquitous orange signs on freeway off-ramps that blare “Modify Your Payment” to men impersonating bank executives going door to door, homeowners in trouble are being targeted relentlessly.”

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