Foreclosure Scams explained.

Mortgage Net Daily spells out several foreclosure rescue scams and good advice to help sellers avoid such scams.

  1. Upfront fees: Some unscrupulous scammers charge hefty upfront fees for their services, claiming to help the homeowner, and then fail to deliver.  On the other hand, I know of one company of integrity that does charge an upfront, but they are able to do what they say.  The fee is reimbursed to the seller when the investor purchases the home.
  2. Equity stripping: a sale to an investor and a lease back to the seller, often with onerous terms.
  3. Refi-Refi-Refi: your lender constantly churning your loan to incur fees and costs.

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