Squatters are not just setting up house in these vacant homes for their own benefit either; many phoney home 'owners' are trying to make a buck with these bank owned properties as well. Many renters have been taken in by Craigslist and other advertisements for rental properties that are being rented out by people who do not actually own the property.
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.
If you are aware that foreclosure fraud is out there, you can avoid becoming a victim of it yourself. Scammers actually look through public records, the Internet, newspapers and various other means to find people whose homes are being foreclosed. Do not be like so many people before you and pay the fee before the work is actually done.
With the current economic condition, foreclosure fraud is expected to increase in Utah. State officials and real estate experts give warning and suggest tips on spotting and preventing such fraud.
'Foreclosure mills' are law firms that plow through a high number of foreclosures on behalf of the bank, for less than what they'd normally cost. Stern ran the largest foreclosure mill in the state, which at its peak, handled roughly 75,000 cases a year.
Print This Article
Add To Favorites