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Hawaiians Fall Prey to Foreclosures Scams

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By : Leticia Carvalho    99 or more times read
The nation is currently suffering from an outbreak of foreclosures that are making waves across several states and cities, putting several families in danger of losing their homes. In a bid to avoid being thrown out from their residences, homeowners are seeking every available means to help them prevent foreclosures on their homes.

However, unscrupulous individuals and companies are trying to take advantage of this situation, trying to extract precious dollars from these desperate homeowners who are already hard-pressed by this looming threat of foreclosures on their properties. These criminals, posing as mortgage counselors, would conduct seminars and sessions for these troubled homeowners.

In exchange for their efforts, these so-called counselors charge fees ranging from $2,500 and $10,000, promising homeowners that they will receive bonds worth $1 million dollars as payments for their mortgage balances.

With the issuance of these fake bonds, no actual payments were actually made for mortgages. Lenders, seeing delinquencies in mortgage payments, would send out notices of foreclosures to victimized homeowners.

These fake counselors would give advice to homeowners to disregard these notices, claiming their companies are on top of the situation and are handling their mortgages well. Homeowners would continue to do nothing, banking on what these individuals claim, until everything is too late and they end up losing their homes to foreclosures.

The FBI is already tracking and investigating these companies, who have already extorted $300,000 from hapless Native Hawaiian homeowners. Several victims have already been confirmed by the FBI and are expected to increase as more victims reveal themselves and step forward. If proven guilty, these criminals would be charged with mail and wire fraud by the FBI.

The FBI has already stepped up its campaign in this regard and has alerted local banks regarding this scam and their methods of operations. Experts have alerted communities regarding these scams and advised homeowners in danger of foreclosures to seek help only from government and non-profit mortgage counselors who provide assistance without any fees.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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