Foreclosure Rescue Scams
How they work:
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Foreclosure Rescue Scams |
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How they work: |
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| The fraudster may use one of many ways to find homeowners who are in or near forclosure | |
| The victim may be found through newspapers or public records, others may be tempted by ads that they see in the newspaper, on television or flyers found on the street | |
| After receiving "personalized counseling" the victim will typically be given one or more options to choose from | |
| Bait-and-switch | |
| The victim thinks they have renewed their mortgage, but they have actually signed the title to their house over to the scammer | |
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| Rent-toBuy | |
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The victim knowingly signs over the title of their house, with the assumption that they wil lbe able to buy the house back after a few years. - In the end, the process is so difficult that purchasing the house is nearly impossible |
| Bankruptcy Foreclosure | |
| The scammer agrees to negotiate a refinance plan with the victim's bank for a fee rather than allowing them to go into bankruptcy. Often times, the scammer will pocket the money and file for bankruptcy without the victim's knowledge.- the result is a legal nightmare that costs a lot of money and may stay on your credit history for many years | |
| Click here for a brochure describing these scams in more detail | |
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How Can You Protect Yourself? |
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Click here for information on how to protect yourself from these scams |
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Click here for more resources |
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