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WATCH OUT FOR FORECLOSURE RESCUE SCAMS

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WATCH OUT FOR FORECLOSURE RESCUE SCAMS Powered By Docstoc
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                <p>In today's unstable housing market many people are
being forced to face possible foreclosure and are looking anywhere for
relief. Unfortunately there are many scams out there that look like
legitimate services, offering to provide help when they are actually set
up to exploit the distressed homeowner. So if you are one of the many
people facing possible foreclosure how do you identify the scams and stay
away from them?</p>
<ol>
<li>A common scam that claims to offer help is the <strong>Lease-back or
Repurchase scam</strong>. This scheme often involves signing the deed to
your home over to the scam artist. The scam artist may promise to sell
you your home back. The truth is this is very difficult, if not
impossible, under the terms of the contract. By signing over the deed you
give the scam artist the right to evict you, raise your rent, sell your
house or simply steal the equity you have built up in it. You will be
stuck with the responsibility of the mortgage if the scam artist does not
pay it. This could result in you be responsible for the debt occurred and
possibly result in foreclosure.</li>
<li><strong>Refinance Fraud</strong> – In this situation the homeowner
is convinced to sign over the ownership of their home by being told that
they are signing documents for a new loan. You could be faced with the
same results as above if you fall into this trap.</li>
<li><strong>Negotiation scam-</strong> This is very common and is finding
its way into the news headlines every day. What happens here is that a
company claiming to be negotiation experts offer to assist you in
procuring a mortgage modification, however they charge you an upfront fee
and then never do anything. Scam artists have even gone as far as to
claim they are Federal agencies offering "special" relief programs.Â
While there are legitimate agencies that can help you with negotiations,
you should NEVER pay someone ion advance for this service.</li>
</ol>
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<p>Â </p>
<p>In order to protect yourself from these and other scams you should
follow some simple rules.</p>
<ol>
<li><strong>Know what you are signing</strong> – Always read and
understand every document you sign. If you can not decipher it, consult
an attorney or trusted financial counselor. Never sign a document with
blank spaces on it that can be filled in later. </li>
<li><strong>Get all promises in writing</strong> – Never take action
based on an oral agreement. Protect yourself and your rights by getting
it in writing, signed by the person making the promise. Be sure to keep
all contracts you sign. </li>
<li><strong>Always make your mortgage payments directly to your
lender</strong> – do not trust anyone to make these payments for
you.</li>
<li><strong>Never sign over your deed </strong>without consulting a
litigation expert. Be sure to understand the terms of the deed you are
making. By signing over the deed, you loose your rights to your home and
any equity you may have built up.</li>
<li><strong>Always report any suspicious activity </strong>to the Federal
Trade Commission and your state Attorney Generals office. Reporting
suspicious activity could protect you and others from being scammed by
these suspicious individuals.<br> <br> </li>
</ol>
<p>These scams do not mean that there are not legitimate agencies
designed to help you with your financial burdens, just be sure to
research out any company before getting involved with them and never pay
someone ion advance for promised services. Always use good judgment and
caution when doing business with anyone, and you should be able to avoid
being taken by a scam artist.</p>
<p><br> </p>
<p>Discover how you can ethically modify your home mortgage loan and save
as much as 47% off your current mortgage payment in as little as 60 days
without refinancing? For your FREE CD, FREE e-book, and FREE coaching
call with Mortgage Modification Expert and Business Man of the Year Billy
Alvaro visit our website Saint Jude's Mortgage Rescue</p>

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posted:11/16/2011
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