According to the Mortgage Bankers Association, “One out of every two hundred homes will be foreclosed upon.” Even more startling, every third month, 250,000 families are faced with their home foreclosing. While there are many ways, including loan modification, that help homeowners who face foreclosure keep their homes, there are also illegitimate methods that homeowners need to be aware of.
Foreclosure fraud is a serious problem and the criminals at large use a bevy of methods to dupe unknowing homeowners. Imposter companies will make promises of mortgage help, requiring customers to pay money up front for the services, then split town, never to be heard from again. Criminal organizations may also go straight for the house itself, asking borrowers to hand over ownership while the fraudsters assure the customer it will be theirs again a few years down the road. The latter part of the deal, however, does not occur. No matter the illegal method of conning homeowners out of their home, the outcome is generally just that – the loss of a home. (more…)
