How the foreclosure scam works?

It can be a terrifying dream of loosing your home because of a foreclosure. It can get even more frightening when the con artists are preying on the desperate homeowners who have got their homes foreclosed. They will give all assurances to rescue your home and get your money. Once they have scammed you, it will be a nightmare to have nothing left.

Most of the scam artists use half truths and outright lies to win your trust and promise relief. Their main intention is to collect the money from you that you are putting towards the repayment plan to your lenders. They will pocket that money and will never pay your lenders. If you are too innocent, they will make you believe that they have got the ownership of your property from the lender and you just need to pay them back in your convenient ways. The fact is that you have already lost your home to foreclosure even though you had the best intentions to pay back.

Know the ways of how a con artist will try to deceit you when you are facing a foreclosure. There are legitimate options to save your home even if the foreclosure process has already started. Foreclosure rescue firms will advertise on the internet, or through public files at local government offices. Once you have contacted them, they will send personalized letters and get most of your attention. Beware of the scam artists who use very simple and straight forward messages like “Stop foreclosure now. We guarantee our services and you can save your home.” They can even personalize the letter to the extent that they have contacts with your lenders and they can work out arrangements. They will convince you to send payments to them and then they will forward it to your lender. It’s just that simple, but the fact is its not. They are digging you deeper into the hole.

If you are about to face a foreclosure, your best bet is to contact your lender immediately and explain them your situation. You will be able to work out some kind of arrangements because they want their money back and they don’t want to incur additional costs. You can negotiate with them for a new repayment plan.