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Renate Brevard fell victim to a foreclosure rescue scam--twice. First by the bogus agency that promised to help repair her credit so that she could refinance her mortgage. Then by the lawyer she ...
If you're a cash-strapped homeowner, an offer to modify your mortgage or help you avoid foreclosure no doubt sounds tempting. After all, you may be behind on your home loan. Credit card bills ...
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
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Rescue artists approach the homeowner using a title such as private investor. An additional party, called a straw borrower , acts as the buyer in the sale. This requires the involvement of lenders and an approval process, as the borrower takes a type of mortgage loan called a cash-out refinance to purchase the property.
Get-rich-quick schemes are extremely varied; these include fake franchises, real estate "sure things", get-rich-quick books, wealth-building seminars, self-help gurus, sure-fire inventions, useless products, chain letters, fortune tellers, quack doctors, miracle pharmaceuticals, foreign exchange fraud, Nigerian money scams, fraudulent treasure hunts, and charms and talismans.
From the looks of the mortgage relief companies Christopher Mallett has marketed in recent years, offering lower payments and new loan terms to troubled homeowners, one might easily get the ...
Reports on the purported scam are an Internet hoax, first spread on social media sites in 2017. [1] While the phone calls received by people are real, the calls are not related to scam activity. [1] According to some news reports on the hoax, victims of the purported fraud receive telephone calls from an unknown person who asks, "Can you hear me?"