Foreclosure Scammers Increasing

Posted in Foreclosure Scams, November 14th, 2007 |

As foreclosures are increasing so too are scammers. Smart talking rescue teams promise to save the house and ultimately walk away with the purses of their clients.

As the numbers rise a trend and pattern can be noticed. This has led BBB or Better Business Bureau to give out gloomy warnings that with more foreclosures in the offing more people will lose whatever is left to these vultures preying upon the vulnerable.

It is estimated that about 1.7 million will face foreclosure in the coming years. The victims will be in such a traumatized desperate state when they will clutch at any bit of straw to survive. This is the exact stage set for scammers to play out their part and pick the bones clean.

In the past few months BBB has had reports pouring in about these con men from all the 50 states. States suffering from the highest numbers of foreclosure like Georgia, Colorado and Ohio are registering the most number of scammers posing as foreclosure rescue teams.

The con rescue artists contact the foreclosure victims either directly or attract them with their websites. They make tall promises of contacting the lender and negotiating fresh amicable terms to bring about a stop to the foreclosure process. If they fail to do so they promise to refund the fees they had collected from their clients. Some of the victims have paid even $1,300 hoping for the best. After sometime when they realize that precious time and money has gone it is too late to do anything. Refunds have vanished into thin air together with the artists.

BBB is repeatedly hearing the same story. The scammers are artists par excellence. They dupe their victims into a false sense of security and hypnotize them like what the snake does to a bird. Unfortunately scammers are adding insult to the injury of foreclosure and giving the deathblow to the sick and dying. A lot of money is going down the drain as well as precious time that may well have been utilized to forestall foreclosures.

As a precautionary measure BBC warns people never to trust the personal approach but to directly contact BBC over the web or check with the Attorney General and or the Real Estate Commissioner of the State. Never sign documents without legal advice and above all directly contact the lender without any wastage of time.