The Better Business Bureau of Southern Arizona has warned residents facing the possibility of losing their homes to Mesa foreclosure listings and other foreclosed property listings all around the state to be careful of companies that offer help in preventing foreclosures. According to the BBB, some of these firms are involved in fraudulent activities.
With the number of foreclosed dwellings, including Freddie Mac foreclosure homes, continuing to rise in the state, reports of fake foreclosure rescue operations are also rising. According to consumer advocates, such companies often target families and individuals who are financially distressed.
Most of these fake companies reportedly advertise their assistance for owners of foreclosures in Arizona through the Internet and through local print publications. They also market their services by pasting posters on poles and bus stop sheds, while others tack notices on homeowners' front doors.
Some reportedly contact homeowners whose properties are in a bank foreclosure list that appears in public notices, with majority of them appealing directly to certain ethnic or religious groups. The BBB has warned that people who get fooled by such fraudulent schemes can lose their properties, their equity and their income.
The fake rescue businesses have targeted not only owners of properties under Mesa foreclosure listings, but also other homeowners in other parts of the state. One method that these firms use is making an offer to purchase a troubled homeowner's residence and offering to pay off the overdue loan.
They then convince homeowners to deed the title to another company and advise them to move out of the premises. After this, they make an offer to rent the house to the owner and offer them the option to purchase the house back after a certain period of time. According to some homeowners who have experienced such transactions, they found out later that the rent was too high for them to afford and they were later evicted by the rescue firm for failing to pay the rent.
Homeowners facing the possibility of losing their residences to Mesa foreclosure listings and other foreclosed property listings in various areas of the state are advised by the bureau to get in touch with their lender directly or seek help from government-sanctioned foreclosure agencies.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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