Foreclosure Rescue or Illegal Land Grab? Watch Out For This Scam

Imagine for a minute that you’re struggling financially and that you’re falling behind on your mortgage payments, worried that you might lose your home.  Out of the blue, help materializes out of nowhere in the form of a foreclosure rescue firm, which promises to help you obtain a refinance loan and climb out of debt.

All you have to do is pay them a fee, put the foreclosure rescue company on the title to your home and you’ll be good to go.

Sounds easy, doesn’t it?  Here’s the catch:

While your trusting nature is expecting help, what’s really being done in some cases is a fraud — and in some cases — a crime.  Your equity is quietly being sucked away, which essentially makes you a renter in your own home.  The next stop in this horrific circus is foreclosure – the very thing you were hoping to avoid in the first place.  While you’re left to clean up the mess, your “rescuer” slips away into the sunset, unscathed.

Think it can’t happen to you? Think again.  While this foreclosure rescue scam first surfaced in the United States, thievery knows no borders and has no shame, so it can happen just as easily in Canada as in the U.S.  You owe it to yourself to read the whole CBS News article by clicking here.

http://www.cbsnews.com/stories/2008/12/27/eveningnews/main4687773.shtml

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