Home » Real Estate

Foreclosure Assistance: Learning To Spot The Scams

Jan 30, 2008
There is no doubt that more and more people have been forced into financial difficulties by the collapse of the US housing market, and are now being faced with home foreclosure. And with the rising number of requests for foreclosure assistance, there has been an accompanying increase in the number of foreclosure assistance scams. To make matters worse, those responsible for the scams not only walk away with their victim's cash, they often walk away with the titles to their homes too.

Even if you have received a foreclosure notice, you should not panic and reach for the first offer of foreclosure assistance. You need to learn how to recognize the tricks which foreclosure assistance crooks use to swindle those in your situation.

The Equity Skimming Scam

The stress of being in financial difficulty can very easily cloud you judgment, and this is especially true if you are confronted with the looming loss of your home. One of the scams perpetrated by fake foreclosure assistance companies is Equity Skimming.

In the Equity Skimming scam, an unsolicited offer is made to find a buyer for your home so that you can clear up your debt s, and the individual making it requires you to sign your home over so that you will no longer be facing foreclosure, with a promise that you will be paid some of the profit when they sell the home.

But once you have transferred title to your home, the scammer will simply rent it out for a while, pocketing the rent while the bank proceeds with foreclosure. You have lost your home, and will remain liable for the unpaid mortgage, because transferring the deed did nothing to transfer your mortgage obligation. You are out not only whatever you paid the scammers, but your home as well.

Fake Counseling Services

Then there are the fake foreclosure assistance counseling services. They tell you that for a minimal fee you will be able to have their experts negotiate with your mortgage holders to get the foreclosure assistance you need They promise to relive you of the burden of having to deal with your mortgagor on your own, saying that their expertise in such matters will enable then to get you the best possible deal.

But more often than not, the only methods of foreclosure assistance they are capable of offering are those you could practice on your own, at no cost. The best they can do, if they even do that much, is get you a short-term grace period of lower monthly payments while you look for alternative sources of money to pay off your mortgage default. For more info see http://www.myfinancialbliss.com/foreclosure/foreclosure-assistance-18 on foreclosure assistance.

Do not accept any offers of foreclosure assistance which are not spelled out in writing. And do not agree to any agreement without first having it reviewed by an attorney familiar with foreclosure. Finally, if you suspect you have been targeted by a foreclosure assistance scam, contact the Consumer Fraud Unit of your District Attorney's office without delay.
About the Author
You can also find more info on foreclosure prevention and foreclosure refinance. Myfinancialbliss.com is a comprehensive resource to get your all financial solutions.
Rating:
Please Rate:
(Average: Not rated)
Views: 155
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Accounting
    • Credit
    • Currency Trading
    • Debt Consolidation
    • Insurance
    • Investing
    • Leasing
    • Loans
    • Mortgage
    • Mutual Funds
    • Personal Finance
    • Stock Market
    • Structured Settlements
    • Taxes
    • Wealth Building
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources