West Palm Beach Bankruptcy Lawyer

Foreclosure Rescue Scams

Foreclosure is a hard thing to deal with. Because it can be so emotionally draining, people tend to look for the easiest way out. This provides a perfect opportunity for scammers. Desperate people who are emotionally distraught are perfect targets for scams. For this reason, scammers will tell you that they can save you from foreclosure. Unfortunately, they never deliver.

Foreclosures are becoming more and more common these days because of the state of the economy. This is great news for scammers. With all of the foreclosures, they can pretend to help you, then steal your home, equity and money. Unfortunately, this is made easier by the fact that notice of default is public record.

These scams can often fit into three fairly broad categories. These are:

Sale and Leaseback Scams- This generally involves the scammers buying the home with the promise of keeping the mortgage up to date and renting it back to the owner until they can buy it back. Once the scammers own the house, however, they make the provisions for buyback almost impossible, forcing the former owner to keep paying them.

Fees for Little to No Service- Scammers pose as foreclosure consultants, then exploit the homeowner by charging fees for services that the homeowner could easily have done, or they never perform any services. Because the owner believes that the scammer is taking care of everything, no action is taken to fix any of the problems.

Stealing the Home- The scammers find a way to get the owner to unknowingly surrender ownership of the house. This allows them to take advantage of the homeowners even more later.

Speak with a West Palm Beach Bankruptcy Attorney

These scams can be extremely dangerous. If you are facing foreclosure, contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates at 561.353.2500.