Report On Mortgage Fraudsters

Report On Mortgage Fraudsters 1

Report on​ Mortgage Fraudsters
Foreclosure fraud is​ as​ old as​ mortgage foreclosure system .​
To get rid of​ foreclosure fraud,​ National Consumer Law Foundation published a​ 68-page report on​ the​ incidents they investigated in​ every state of​ the​ union .​
And the​ Federal Bureau of​ investigation recently published its Mortgage Fraud Report for 2018 shows the​ recent statistics,​ which suggests that,​ the​ increasing foreclosures give criminals the​ chance to​ exploit and cheat defenseless homeowners looking for financial guidance.
The perpetrators convince homeowners that they can save their homes from foreclosure through deed transfers and the​ payment of​ upfront fees .​
This foreclosure rescue often involves a​ manipulated deed process that results in​ the​ preparation of​ fake deeds .​
In intense cases,​ perpetrators may sell the​ home or​ secure a​ second loan without the​ homeowners' knowledge,​ pull down the​ property's equity for personal enrichment .​
While foreclosure scams differ,​ they may be used in​ combination with other fake plans.
One can only think how poor it​ is​ now and how much poorer it​ is​ likely to​ become as​ more and more homeowners are or​ are likely to​ be unable to​ make their monthly payments.
Last month the​ Attorney General of​ Ohio Marc Dan filed lawsuits against six companies,​ accusing that they had made fake promises to​ keep homes safe from foreclosure .​
He said that every accused may have dishonored at​ least five different consumer protection laws and has issued a​ warning to​ the​ companies who think they can get away by exploiting and taking away homes from the​ families.
Mr .​
Dan also warned homeowners to​ be very careful and beware of​ people who promise to​ avoid your foreclosure against certain fee.
The Massachusetts Governor Mr .​
Deval Patrick urged the​ state to​ propose some legal help to​ the​ homeowners those who are facing foreclosure including a​ new hot line and appointments to​ reputable financial counselors and to​ break down on​ all the​ aspects of​ mortgage fraud.
The Governor also said that the​ homeowners who are delinquent on​ their mortgages are not being wise and mature at​ all .​
Foreclosures are not done silently or​ confidentially,​ and the​ embarrassment factor can be an​ important motivator to​ grasp at​ straws .​
First they are advertised in​ the​ local paper,​ sometimes for weeks before the​ actual auction .​
These legal notice contain all of​ the​ details of​ the​ mortgage and description of​ the​ property.
Also,​ as​ a​ matter of​ public record lists of​ delinquent homebuyers can be purchased for mass mailings .​
These are usually broken down by 30 day,​ 60 day,​ and 90-day delinquencies - some lists even come with mailing labels.
So it​ is​ clear that finding and contacting a​ troubled borrower is​ pretty easy,​ but the​ matter of​ concern is​ how do these foreclosure scams work and how are homeowners so easily fooled .​
is​ there no way for a​ homeowner in​ active foreclosure to​ salvage something,​ if​ only the​ shred of​ their self-respect and their credit rating?
There are legal companies who advice desperate homeowners and others who buy properties out of​ foreclosure .​
The trick is​ separating the​ frauds from the​ investor who may be able to​ legally bail out the​ homeowner,​ maybe through a​ short sale.

Report On Mortgage Fraudsters

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