Foreclosure Rescue Scammers Causing Concern

Posted in Foreclosure Scams, October 22nd, 2007 |

It is happening right across the country. Foreclosures are being closely tracked by rescue vultures, who in the name of saving victims actually worsen the situation. The house goes in any case and together with it goes much needed cash. Thus warning signals are being sent to house owners across USA.

The number is staggering – in the next few years 1.7 million house owners will lose the roof above their heads. In a traumatic desperate state of mind they will clutch at any straw offering to save them from drowning. Unfortunately these con men find this the best opportunity to pick clean the bones of victims already half killed by the foreclosure beast.
BBB reports that calls for help from rescue scammers are pouring in from all the 50 states. States like Michigan and Ohio that have the highest foreclosures have the greatest number of scammers hovering around.

The usual procedure is that the scammers take a direct approach and contact the house owner over phone or mail. Some have aggressive attractive web sites to snare the victims. The con men, artists par excellence, talk profusely and promise that for a fee they will renegotiate for a better term with the lenders. They even promise to refund the fees if work is not completed satisfactorily. Desperate foreclosure victims have paid high amounts like $1,300 nursing high hopes and trusting the scammers. Most of the victims not only lost the fees but also precious time during which they could have themselves opened a dialogue with the lender. The final end of the story is the same – foreclosure!

House owners faced with foreclosure are advised to contact BBB who are available round the clock. Their website will easily be able to provide the necessary particulars. Do not trust anybody without getting a reliability report from BBB. The personal approach should always raise suspicions. One should be wary about signing documents or signing away the title deed without proper legal advice. The least that can be done is to talk to a friend. The best way is to directly talk to the lender who is also interested to avoid foreclosures – given the gigantic proportions it has currently taken. If the house owner feels uneasy about the manners of any person or group, offering rescue they should immediately lodge a complaint with BBB, which operates all over Western Michigan.