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| BBB
warns of foreclosure scams |
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Foreclosures have been increasing
rapidly across the nation, and so have the scams that
go along with them.
There has been an increase in foreclosures for a variety
of reasons, including the consistent rise in interest
rates over the past couple of months.
With this increase in people losing their homes, there
has also been an increase in people scamming homeowners
claiming they can “rescue” them from foreclosure.
The Better Business Bureau recently released a report
warning people of these scams, according to an article
entitled, “BBBs issue real estate fraud alert,”
featured on MSN July 25, 2006.
They report that real estate fraud is becoming an increasingly
popular crime outlet.
“Better Business Bureaus in the United States and
Canada on Monday issued an alert to help combat the growing
incidences of real estate fraud.”
They give a list of tips and advice to help people become
aware of common tactics used by fraudsters.
Some of these tips include things such as being aware
of who is offering you help and to always seek a second
opinion on any papers you are asked to sign.
“Read everything before you sign and get all verbal
promises in writing. Some schemers will offer to complete
paperwork for you, or ask you to sign a stack of documents,
supposedly to secure a new mortgage.
Victims later learn that they signed a quit-claim deed
in which they gave away ownership of their home.”
It is hard to believe that someone would actually try
to scam someone out of their home, but there are definitely
people out there.
Everyone involved in any home foreclosure should always
seek a professional, licensed person for assistance.
“Never sign a contract under pressure and never
sign away ownership of your property. Remember, signing
over your deed to someone else does not necessarily relieve
you of a loan obligation. Ask a trusted family member,
attorney or a financial professional to review any paperwork
you are asked to sign.”
These are just a few of the most important thing to keep
in mind when dealing with any real estate transactions,
whether it is a foreclosure or a refinancing. |
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