Home Foreclosure Scams in the News

Posted by: Sally S. | Dec 16,2007

Home foreclosure scams have been sweeping Nevada this week. Nevada, according to recent reports, is leading the nation in home foreclosures. Inevitably, this has led to a number of home foreclosure scams. The Nevada Attorney General, Catherine Cortez Masto, and Secretary of State Ross Miller, are warning residents of Nevada to be aware of home foreclosure scams:

 

Fraudulent foreclosure rescue scams top the list of cons in Nevada. Companies convince people in danger of foreclosure to sign contracts that turn over the ownership of their homes to the foreclosure company. In return, the companies promise to lease the home to the customer and provide them with an option to buy their home back in the future. But the lease to own option doesn’t pan out, and the ownership passes to the foreclosure “rescue” company instead.

 

Another fraudulent foreclosure scam happening in Nevada arrives in the mail. The letters promise to save homeowners from foreclosure by fixing their credit and working with their lenders. Instead, they convince the homeowner to sign over the house, and then they let the house go into foreclosure. The foreclosure rescue company rents the home out and collects rent until foreclosure is completed. The homeowner doesn’t see any of the money they were promised and they ultimately lose their home.

 

If you’ve been the victim of a home foreclosure rescue scam, contact your attorney general to file a complaint. And if you’re having trouble making mortgage payments, contact your mortgage company to see what options you have to avoid losing your home.

 

Compare and apply for home refinance loans online now at LowerMyBills.com.

  

 

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