Foreclosure Scams on the Rise

Just as the number of homeowners having trouble making their mortgage payments is on the rise, scams related to foreclosure relief are increasing. According to the New York Times, "[t]he schemes take various forms and often involve promises to distressed homeowners of cash upfront, free monthly rent and a chance to retain their houses in the long run. But in the process, someone else takes over the deed, borrows as much as possible against the value of the house and pockets the cash. And, almost always, the homeowners still end up losing their homes." Click on the links below for more information on foreclosure scams:

• NY Times: New Scheme Preys on Desperate Homeowners
• Forbes: Seven Foreclosure Scams to Watch Out For
• Bankruptcy Foreclosure Scams (U.S. Dept. of Justice)
• How to Avoid Foreclosure (HUD)
• Mortgages and Foreclosures (FindLaw)