Fraudulent Mortgage Rescue Scams Plague Strapped Homeowners
If it isn’t bad enough to be facing foreclosure, homeowners with distressed properties desperate to stop foreclosures are being made scammed by persons toting to be “assistance”. In reality, what is taking place is that these con artists are, for a fee, promising to get the homeowners property off of foreclosure listings and out of preforeclosure. Bank foreclosures and government foreclosures and their homeowners are being made empty promises, and what is happening is more and more persons are finding themselves with foreclosed homes.
In Iowa, Attorney General Tom Miller has drafted a bill that directly addresses this wave of mortgage foreclosure rescue fraud.
“The problem is these ‘rescue scams’ just take people’s money and fail to do almost anything to help them avoid foreclosure,” Miller said. “And they take precious funds from people who are vulnerable and who can least afford to be cheated. This is the definition of adding insult to injury.”
For example, Des Moines residents, the Potters, facing foreclosure, paid $795 to a company that claimed the ability to arrange for a system to stay out of foreclosure. But Miller learned the company had no authority to make such arrangements, nor was there any attempts made to make the arrangements, and then insisted on another $500 payment. The Potters were able to recover only half of the $795.
“Foreclosure rescue scams are just starting to appear in Iowa.” Miller said. “It’s a symptom of the overall climate of an avalanche of foreclosures here and all over the country. We need this legislation to prevent the problem flaring up here as it has in many other places.” he said.
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May 20th, 2008 at 7:47 am
Yes,we have to stop Foreclosure,with out doing that we are facing lot of financial problems.To avoid it we have to take some steps.First and foremost we have to do loan modification….
May 24th, 2008 at 11:09 am
Hey!
Your blog is nice.Thanks for the post! It is true that foreclosure can happen to anybody without any fault of their own, and if you are in this position make sure that you take initiative at the early stage and act immediately.