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Section 8 Home Buying Article
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from: Beware Foreclosure Assistance Scams
Too often people find themselves facing financial difficulties. Unfortunately, this often involves having their homes foreclosed on. Due to the large number of people requesting foreclosure assistance each year, there have been many crooks who have surfaced offering foreclosure assistance to unsuspecting victims. Often these ‘scammers’ end up with more than just your money, but your house as well.
If you have found yourself with a foreclosure notice, take a moment to educate yourself on the following ways that these crooks take advantage of people before you request any foreclosure assistance. Otherwise you may well end up their next victim!
Beware Of “Too Good To Be True”
When you’ve got money trouble, it’s easy to get caught up in whatever type of assistance anyone offers you. This is especially true if you are in need of foreclosure assistance to keep from losing your home. One of the many types of scams that con artists use in order to take unwitting victims’ money is called Equity Skimming. In this scam, someone will approach you and offer to buy your home to get you out of trouble. The crook insists that you deed the property to him or her in order to avoid foreclosure, and then implies that you will receive a certain percentage of the profit when the property sells.
Too often, however, once you have willingly signed over your rights to the house, the con artist simply rents the home out for a short while to make some quick cash. The bank still forecloses on the loan, and you have absolutely nothing to show for it. Simply signing over the deed to your home does not negate what you owe your mortgage company. Beware of anyone offering this type of foreclosure assistance.
Beware Of “Help Us Help You”
Illegitimate foreclosure assistance counseling agencies often prey upon those in need of financial assistance. These services promise that, for a small fee, they can work with your lenders to get you the foreclosure assistance you need. Too often, however, the assistance they promise to provide is something you could well do yourself free of charge. The majority of these “counseling” services only call to negotiate a temporary payment arrangement with your lender. This is a step you should take yourself before calling anyone for foreclosure assistance.
Anytime you request foreclosure assistance, be sure that you get all promises in writing, never sign anything without the advice of an attorney, and contact your District Attorney’s Consumer Fraud Unit before accepting foreclosure assistance from anyone.
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