Stop Foreclosure Ripoffs - Ways On Scam-Proofing Yourself From Foreclosure

This article discusses how to protect yourself from foreclosure scams.  It discusses what ghost agencies and agents are and how to detect them.  In addition it discusses two other types of common foreclosure scams.

Nobody on this planet is immune to scams. To you as a homeowner, what is probably one of the most damaging is falling for a foreclosure scam. Because of this, you need to know just how you can stop foreclosure scams starting from within your own house.

As a homeowner, it is never good to have “foreclosure” be listed under your problems. No matter how near or far out that is, you should always protect yourself against foreclosure scams. So, how can you stop foreclosure scams? Here are a few tricks that you can do to scam-proof yourself and your home.

Ghost Agencies or Agents

One of the most common ways that scammers do is to contact you about your house. To do this, they either call you via your landline, or send you notices thru email or regular mail.  Scammers have two approaches on this. Commonly, what they do is introduce their selves by a phony name.
After the general introduction, for which the whole purpose is to gain your trust, they will do one of the two things:

  1. Tell you that they work for a particular mortgage agency
  2. Tell you that they work for a particular bank

When you hear about get these kinds of calls or notices, the best thing that you can do to stop foreclosure scam is to ignore them and never give your social security number. Also, check on the agency right away.

Do research and see if such agency exists and if the agent who contacted you is real. Another thing that you can also do is to keep your finances in check. In this way, you will never fall for any kind of foreclosure trap.


Interested “Buyer”

Another approach that scammers take to scam you out of your home is to dress up and acts like a very interested “buyer”. What they usually do is drop by your house, say that they are very interested in your property and convince you to sell it to them at a price that’s way below the value of your home. If they won’t buy the house, they will offer to pay off your mortgage for you in exchange for the deed of the house. 

When these people contact you, do not even attempt to show them the deed of your house. If you do, they will not keep their end of the bargain while at the same time sell or lease your house off to another individual.


Helpful “Lender”

Another trick that scammers do is to become the ultra-charitable lender. Usually, they will call you and offer you a very low mortgage payment, which you’ll predictably pick. What you do not know is that throughout the time that you are paying them, you are just paying the interest. In the end, you’ll just be surprised that the entire mortgage sum is all there and you haven’t even paid a single cent for it. As expected, you will lose your house to the lender.

When in the event that you are in the midst of a foreclosure and that you are looking for lending companies, do not fall for this kind of trap. When you finally see a company that offers you affordable mortgage payments, look into every square centimeter of the offer. Always remember awareness is the key to stop foreclosure scams.