Foreclosure Rescue Scams
Seattle foreclosure scams are going from bad to worse. Attorney Huelsman is flooded with cases of local property owners tricked out of the roof above their heads by false rescue promises. Scamsters are taking advantage of public display of foreclosure lists to ferret out victims. Pretending to be the Good Samaritan they take recourse to phone calls and persuasive aggressive visits as part of their marketing strategy. Sometimes as many as 30/40 contacts are made in one single day. It works. The drowning persons clutches at the straw being offered without thinking or waiting.
The scams work in two ways. The property is transferred legally to the lender. Or the scamsters makes money by promises of help, take advance fees for services that never materialize. In the worst case, these vultures allow the victims, after getting the necessary transfer signature, to live on as tenants until the loan can be paid off. But the rent is so steep that ultimately they fail to pay and gets kicked out from one’s own home.
The background of these saviours is never checked. They emerge from all shades of life. Some may be legal personnel but they are all united in one aim – make money by hook or by crook. The falling foreclosure market is a happy hunting ground for these predators.
The statistics is alarming. In 2006 more than 1.2 million lost their property across the country. It was a record 42% jump over 2005. Seattle saw a 25% rise.
The authorities have begun to sit up and take notice. The Sate Attorney General, McKenna has tied up with other officials to find out preventive measures. With more and more being drawn into the net it is unlikely the situation will stabilize before another two to three years. This is the opinion of Huelsman.
The general advice is that if you are having mortgage troubles immediately contact the lender. There is hope that some sort of satisfactory repayment plan can be worked out. Certified non-profit counseling groups are there to explain matters including the rights of the owners. For instance there is the option for getting an interest-free HUD loan or the house may be sold before the foreclosure enabling the owner to save some of the equity. But beware of the wolf who knocks asking for fees to help you out or talks you into signing over the title.
