Saturday, August 7, 2010

Watch Out for Foreclosure Rip-Offs!

Scammers can pose for a "rescue and refinance fraud" technique, who act as go-betweens for you and the lender, take your "upfront" money, and advise you to stop talking to your lender.

Watch out for fake "government" modification programs. The scammers use sites similar to federal agencies just to tempt you where they ask you to pay a fee. After receiving your check, they disappear.

The rent-to-buy schemes are also rampant. Here, home owners are lured to transfer property titles to scammers as part of a refinancing deal. The owners will then become long-term renters, but high fees inevitably lead to home loss.