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Home Foreclosure Fraud - Beware of all letters, email, and phone calls

During our tough economic times, fraudulent scams are at all-time high now. While this highly informative article discusses primary mail and phone scams, these soliciations are also being spammed by email as well. It is important to validate any potential contract and to use only major trustworthy firms for any type of financing or sale.


QUOTE: There are many variations on the scams, but they all boil down to two types. There’s a simple fee-based racket, in which the criminal offers to help the homeowner stave off foreclosure, collects an up-front fee and then disappears. But the more lucrative scam involves seducing homeowners into complicated transactions that allow con artists to steal equity in the house or walk away from the closing table after netting thousands in phony payouts.

Consumers facing foreclosure can get help, but they should be very careful where they look. Experts recommend ignoring unexpected solicitations, whether through the mail, by phone or in person. Instead, enlist the help of a HUD-certified counselor. A state-by-state list is available at HUD’s Web site