When you are facing foreclosure, you have your back up against the wall, desperate for any way to avoid seeing your home and dreams stripped from you. Foreclosure scammers know this, too. They, like anybody else looking to take advantage of the desperate, know that people looking for a way out often don't look closely enough at what's being offered. And for their part, the people getting scammed are often guilty of not looking too closely at the deal that's being offered to them. After all, the old aphorism is true: if it's too good to be true, then it probably is.
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Additionally, foreclosure rates have been through the roof lately because of the bursting of the housing bubble. More and more people are desperate and looking for the quickest, easiest way out. Foreclosure scam artists are having a field day with this. According to an article in the Washington Post, they are even abusing the government's foreclosure-prevention plan, called Making Home Affordable. In these uncertain economic times, you need to be especially careful about who you're doing business with in order to protect yourself from the common forms of foreclosure tricks that these people are employing.
Some of the most common foreclosure scams are:
Selling the house and leasing it back. In this one, the foreclosure scammers offer to buy the home from you and lease it back to you. They say they'll keep making payments on the mortgage until you're able to pay it off. As soon as the scammers own the house, though, they make buying it back all but impossible and you're left out in the cold, sometimes literally. You need to ask yourself, "what's in it for them?" Businesses built on lending money are not charitable institutions. Service scams. In this type of con, the scammer poses as a consulting expert you pay for services which you as the homeowner could easily have performed yourself, or for services that never get performed. Like all confidence scams, this one works on you not having any expertise in the industry and thus being a lot more willing to believe someone who does claim to be an expert.
There are other types of scams, too, usually focusing on taking advantage of you knowing that there's little you can do about it. It's important that you investigate firms before you do business with them. You can check the internet or as your Better Business Bureau about them. When there's a big, life-changing choice on the line, you need to take every precaution you can. If you suspect that something is amiss, you should confront them immediately and consider engaging a lawyer.
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