The unfortunate trend of people simply getting into more house than they can truly afford by using the teaser adjustable rate mortgages or initially purchasing the home with both a first and second.
The second major category of mortgage frauds targets consumers. foremost among these are foreclosure rescue and mortgage debt relief scams. These scams seek to take advantage of homeowners who are falling behind on their mortgages or property taxes and are afraid of losing their homes. These scams are of particular concern in a depressed economy when unemployment is rising.
Foreclosure rescue and mortgage modification scams are a growing problem that could cost you thousands of dollars – or even your home. Scammers often make promises that they can’t keep, such as guaranteeing to "save" your home or lower your mortgage, usually for a fee, often pretending that they have direct contact with your mortgage servicer.
A Florida law firm, the firm's main attorney, and his wife stand accused of running a predatory foreclosure rescue scam that preyed on Hispanic homeowners who were struggling with their mortgages. The Department of.
Know About Foreclosure Scams in Florida Back To Foreclosure Defense Video Help Page Our video describes three important facts you need to know about foreclosure, including how to avoid owing money at the end of your foreclosure, and ways we can defend a foreclosure and.
TAMPA – A Tampa lawyer who helped swindle homeowners out of $4.7 million during the mortgage crisis has had his law license revoked by the state Supreme Court. In July of 2014, the attorneys general.
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In an equity theft scam, the perpetrator will purchase a home that is in foreclosure or distressed / abandoned. The home is then sold to a senior citizen, who takes out a reverse mortgage after occupying the property for 60 days. Once the transaction is completed, the perpetrator will steal the proceeds of the loan.