Foreclosure is one of the worst things that can happen to a homeowner. Knowing there are criminals waiting to prey on your fear and vulnerability makes the situation even more frightening. Hundreds have fallen victim to phony foreclosure counseling, phantom help, bait and switch, rent to buy, and bankruptcy foreclosure scams. Being able to see the telltale signs of a foreclosure rescue scam can save you the agony and embarrassment of becoming yet another victim.

What should you watch out for? Beware of any rescuer that guarantees or promises to save your home. You need to avoid any company that guarantees to stop your foreclosure, tells you not to contact the lender, a lawyer or credit and housing counselors, requires an up front fee before providing services, will only accept certified funds or wire transfers as payment, or instructs you to make your mortgage payments to them instead of your mortgage holder.

Bait and switch scam artists outright steal your home by scamming you into signing papers that transfer the property deed or title to their company. Equity skimming scams steal the equity in your home while leaving you with your mortgage obligation. In the rent to buy scheme you are told to surrender the title of your home, but you will be able to remain in it as a renter. Although you have the option of buying it back, generally the terms are so outrageous it is impossible to do so. Avoid any company that instructs you to sign over the title or deed to your house.

Staying calm and not reacting under pressure is the best thing you can do. Scam artists will often offer to fill out paperwork for you. While you think they are giving a rescue mortgage for you, in actuality, they are taking the dollars youve given them, filing a bankruptcy in your name and stealing your property. Do not sign anything that you are unsure of or dont understand, and never allow any company to fill out papers for you.

Knowing where to turn is your best defense. You should start by contacting your lender and trying to make a payment plan. Additionally, the FTC offers free info that helps consumers recognize and avoid fraudulent, deceptive and unfair business practices. If you feel you have been the victim or a foreclosure rescue scam you can file a complaint at the FTC website.

Adam Whazzer has been a mortgage guru for years” Adam has offered End Foreclosure and deed in lieu of foreclosure hotline to foreclosure victims for nearly 5 years. If you are facing foreclosure, stop by for More Info On this Subject

Related posts:

1. Foreclosure Scams You Want To Avoid Foreclosure is one of the worst things that can happen...
2. Check Out These Foreclosure Scams To Avoid Foreclosure is one of the worst things that can happen...
3. Who Needs A modification Company To Stop Foreclosure If you, like many people in the U.S.A, are facing...
4. DIY Stop Foreclosure Help If you, like many folks in the U.S.A, are facing...
5. Stop Your Own Foreclosure Fast If you, like many folks in the United States, are...

This entry was posted on Saturday, October 17th, 2009 at 11:55 am and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.