Foreclosure scams still a part of real estate market

When Massachusetts residents fall behind on their mortgages they have many reputable options to turn to for finding financial guidance and support. Unfortunately, some dishonest individuals and organizations do exist and prey on struggling homeowners when they are most in need of help. Often times victims do not know they have been scammed until it is too late to save their residences.

More than a dozen people were victimized in an out-of-state foreclosure prevention scam wherein an individual promised to help the victims with loan modifications and other support in exchange for upfront payments. Many of the victims were also advised by the individual to pay their mortgages to him so that he could send the payments to their lenders, though it appears that the dishonest person never passed along the victims’ money.

Though the disreputable individual has been caught his victims are still facing possible foreclosure of the real estate properties. Even though victims of foreclosure fraud can sometimes appeal their situations to their lenders for more time to make payments, many find themselves even further behind than they were prior to soliciting the assistance of corrupt entities.

Individuals seeking foreclosure assistance can examine their support options before agreeing to the terms of an organization’s foreclosure prevention scheme. Business and legal associations can provide such individuals with important information on foreclosure prevention organizations’ reputations and any prior dishonest dealings in those organizations’ histories.

It is a sad truth that some of this dishonest individual’s victims will lose their homes. While the same may have even happened without his intervention, his fraudulent actions eroded the faith they put in him to help them out of difficult financial problems. Individuals who want support with mortgage or foreclosure matters have the right to work with trustworthy legal professionals who can guide them to responsible real estate decisions.

Source: CBS Atlanta, “How to spot a foreclosure prevention scam,” Kara Byers, Feb. 15, 2014