Most of these defrauded families are in desperate need of help to refinance or renegotiate their mortgages and their reaching out for help has led them to some stunningly shocking results. There are two main types of fraud that seems to be occurring currently that is detrimental to our nation's homeowners: title fraud and individuals misrepresenting themselves as financial assistance for homeowners.
Of the great number of foreclosure homes, a significant number are from those scammed with toxic mortgages that strip homeowner's equity. Yet, only a few are given criminal charges.
Using the same foreclosure listings that scam artists use, the Attorney General’s Office warns distressed homeowners about these foreclosure-related scams.
For the first time in Fed history, the Fed will launch advertisements in movie theaters to warn movie goers about scammers and fraudulent firms targeting homeowners troubled by foreclosure listings.
High foreclosure rate also gave birth to the many incidences of foreclosure-related scams perpetrated by unscrupulous individuals who target troubled homeowners.
It is often too easy to be sucked into scams. When faced with grave distress and hope is being lost and desperation is beginning to surface, people will seek help from just about anyone who offers. Unfortunately, many people are not who they claim and cannot provide what they promise.
Efforts to end predatory lending practices is evident in California with the Office of the Attorney General arresting three individuals who are involved in mortgage fraud.
If you're facing the prospect of foreclosure, you're probably feeling overwhelmed and desperate. Fortunately, there are companies out there that can help you, but there are also those that feed on people when they're most vulnerable. It's important that you only accept help from a reputable company, and not from a dishonest mortgage modification firm whose goal is to make a buck at your expense.
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