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Stop Foreclosure Scams: Things to Look Out For

There are many situations that have cropped out because of it -- on one side are the homeowners who are doing everything they can to stop foreclosure. The economic recession has made a lot of homeowners in danger of losing their homes.

The economic recession has made a lot of homeowners in danger of losing their homes. There are many situations that have cropped out because of it -- on one side are the homeowners who are doing everything they can to stop foreclosure. On the other side are the companies who would do all they can to exploit the same homeowners who are seeking help. To avoid falling in their traps, it is always good to be informed about these kinds of fraudulent schemes that are massively circulating everywhere. Here are some things you need to know about them.

Title Transfer

This type of foreclosure fraud usually takes the title of the homeowner's property. Their usual modus operandi can come in two forms. The first one involves a scam artist who will tell the homeowner that they have to sign documents to refinance the mortgage loan. However, what he does not say is that in between a large stack of finely-written documents are embedded documents of how you are granting the fraudster ownership of your house.

The second type is when the firm tells the borrower to sell their home to a rescue company so he can still live in his house as a renter. They will reassure the borrower that he will be able to get his home back in a few years, although it will never happen because the scammers have already taken ownership of the house. In some cases, they try to come up with repurchasing agreement terms that are impossible to do so the consumer will have no chances of repurchasing his home again.

Mortgage Negotiation

In this type of scam, companies will tell you that they will save your home by paying for their services. Usually, they will promise a lot of options that are too hard to resist: credit counseling, emergency lending whatever the consumer needs, debt negotiation, and other fees they can dream of. While the borrower is slowly losing cash due to the incessant and ridiculous fees that they should pay, the scammers will make it look like they are really negotiating with the lender when they really are not. In most cases, consumers say that it becomes extremely difficult to contact these scammers, and after a while they get the shock of their lives when they were finally told to file for bankruptcy or grant a deed in lieu of foreclosure to the lender. This is usually shocking to the homeowners, because they were even promised "money back guarantees" by these fraudulent companies.

These are some of the things you need to know about the scams happening right now. In all these scenariosComputer Technology Articles, consumers were led to believe that they will be able to stop foreclosure if they trusted the help of these scammers. It's too bad they trusted the wrong ones due to lack of information and poor judgment.


Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


A Computer Engineering student and loves to travel. Reading current news in the internet is one of his past times. Taking pictures of the things around him fully satisfies him. He loves to play badminton and his favorite pets are cats.


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