Foreclosure Scams Lurking In Your Neighborhood
Matt Woolsey with Forbes.com alerts people of foreclosure scams who are interested in purchasing a foreclosure property.
“Delinquent homeowners looking to break free from default notices are getting tricked by brokers promising to save them from foreclosure, only to make off with thousands in fees or what home equity is left.
“Take rent-to-buy scams. In cases like these, a fraudulent rescue company convinces a homeowner to sign over the title while building equity as a renter. The homeowner avoids foreclosure, but risks being evicted by the very firm that promised to save his home.
“The situation is bad enough in Florida, one of the nation’s foreclosure capitals, that State Attorney General Bill McCollum has filed suit against National Foreclosure Management, a mediation company, for allegedly defrauding troubled homeowners; fraudulent rescue companies in Illinois have been increasingly penalized, while in Massachusetts the for-profit practice of foreclosure rescue transactions has been banned.”
Read the full article at Forbes - Foreclosure Scams Lurking in Your Neighborhood
Tags: foreclosure homes, foreclosure news, foreclosure scam, Real Estate
