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Posts Tagged ‘Confidence trick’

Scam Alert: Mortgage Foreclosure Scams on the Rise

April 24, 2012 Leave a comment

Homeowners beware: the number of reported mortgage foreclosure scams has increased 60 percent so far in 2012, according to the Homeownership Preservation Foundation.

The Huffington Post reports that scammers are exploiting the recent increase in government programs such as the recent national mortgage settlement.

New York Attorney General Eric Schneiderman has warned that scammers claim to be government officials involved in the settlement and try to obtain personal financial information from homeowners seeking assistance.

As foreclosures are expected to rise again in the coming months, homeowners are need to be cautious when seeking debt relief and are reminded to do their research when hiring assistance with the loan modification process.

Beware of Mortgage Scammers

November 22, 2011 3 comments

Beware of Mortgage Relief Scams

It’s a truth universally acknowledged that scammers prey on the weak and in today’s world, scammers prey on the financially distressed and now they have the technology to back them up.

In an ongoing effort to raise awareness of mortgage debt relief scammers we wanted to share the latest news on the fight against them.

According to CNET, last week the Treasury Department shut down 85 alleged online mortgage scams that advertised with Google to target struggling homeowners.

The Treasury Department alleges that the 85 companies lured victims with online ads placed using Google tools. Scammers targeted unsuspecting victims by buying key words from Google for search advertising. The agency also alleges that scammers charged homeowners fees for lowering mortgage payments, a service the companies never actually carried out.

From CNET:

The rogue companies encouraged homeowners to stop paying their mortgage and to cease all contact with their lender. Then, they sought to get homeowners to send them mortgage payments, transfer property deeds and release sensitive personal financial information. To appear more legitimate, the scammers often claimed to be affiliated with the U.S. government, used a government seal on their sites, and sometimes adopted government agency-sounding names.

There are plenty legitimate debt relief services available to help but please beware of services that seem too good to be true. If you are asked to provide sensitive personal financial information, be sure you are working with professionals. Before you agree to hand your money over to any mortgage relief or distressed loan “specialist”, talk to a reputable attorney about your legal options.