The Bankruptcy Law Clinic Blog

Monday, August 13, 2012

Foreclosure Rescue Scams - Don’t be a Victim!


“Stop foreclosure now!”  Ever seen a handmade sign bearing these words on the side of the road?  Or perhaps you’ve received an email from someone who promises to work with your bank and keep foreclosure from happening?  Foreclosure defense and “avoid foreclosure now” promises are everywhere, especially in a market that is still struggling.    

While it is certainly important to seek help when you are facing a foreclosure on your home, knowing who to trust for the right kind of help is crucial.  The wrong kind of help can put you deeper in the financial hole than you were when you started.  Sure, there are a lot of people who say they can help you stop your foreclosure.  But are they legitimate?  Here are scams to watch for:

The "Forensic Audit"

Forensic auditors will attempt to collect an up-front fee from you in order to “look over” and “assess” your mortgage and foreclosure documents.  They will then use their “expertise” to review your mortgage documents and create a report how you can avoid foreclosure.  The funny part is that this process of reviewing the paperwork is just the first step that qualified foreclosure defense attorney will make and it’s an important one, but not enough.  That’s why the “forensic audit” promise is a scam if that’s all they’re offering. 

Rent-to-Buy Schemes

In this scam, a con artist will say that if you give them the title to your house, you can stay there as a renter and buy it back from them later.  They will tell you that when the title is surrendered to them, they can refinance it with their good credit to prevent losing your home.  What they won’t tell you, however, is that these scams often involve impossibly difficult “buy back” arrangements, allowing these new owners to walk away with your house AND your money. They might also raise the “rent” they agreed upon at the beginning and forcing eviction if you can’t pay the higher amount. 

There are legit ways to stop a foreclosure, you don't have to lose your home.  Calling a reputable foreclosure defense attorney is an important first step.  If you live in Dade or Broward County, we can help.  305-663-3281

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