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The scheme preys on desperate homeowners whose mortgages are in default by offering to prevent the foreclosure. [1] [2] There are various ways in which foreclosure rescue schemes work, causing different types of harm to the homeowners, but all ultimately with the likely end result of the owner being forced out of their home and losing even more ...
WASHINGTON -- Federal investigators have charged 530 people for allegedly defrauding more than 73,000 desperate homeowners around the country who fell behind on mortgage payments, leaving them ...
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 ...
Real estate expert Barbara Corcoran appeared on The Today Show this morning to explain the top foreclosure avoidance scams to look out for. If you know anyone struggling with mortgage payments ...
Subprime loans targeted at vulnerable and unsophisticated homeowners often lead to foreclosure, and those victims more often fall to equity stripping scams. [2] Additionally, some do consider equity stripping, in essence, a form of predatory lending since the scam works essentially like a high-cost and risky refinancing.
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector.CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors, for-profit colleges, and other financial companies operating in the ...
The fraud involves operatives calling homeowners, who oftentimes had previously sought relief from their mortgage lender and thus were expected to be contacted, according to the FCC.
Sure, all mortgage scams are sleazy, but this one seems particularly evil.According to a story in a recent newsletter put out by Identity Theft 911, a company aimed at helping individuals and ...
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