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Foreclosure Fraud Alert

Foreclosure Fraud

How to Protect Yourself from Foreclosure Frauds and Scams

Types of Foreclosure Scams and Frauds

Promising a fresh beginning and offering to remedy a homeowner’s foreclosure situation, scam artists contact the homeowner by phone, in person, or by mail with a note of urgency. Scam artists are very sneaky and have become increasingly deceptive in finding ways to fool homeowners out of their homes and money.

"We'll help you keep your piece of America,"

Homeowners who place their trust in scam perpetrators--who may play up religious or ethnic identities with names like Christians Helping Homeowners--can end up financially devastated.

"We'll help you keep your piece of America," promised advertisements distributed by a Dallas "consultant" who was sentenced in August 1998 to 24 months in prison and ordered to repay $58,000 in restitution for bankruptcy fraud and bank fraud.

Defrauded home owners had each paid the defendant from $2,000 to $15,000 in fees and mortgage payments. Almost 30 home owners are believed to have lost their homes due to her activities.

Like sharks going in for the kill, scam artists move quickly and with great control. The victims often do not know what’s happened to them until it’s too late. Scam artists mostly prey on homeowners who are equity rich, but cash poor, including — the elderly, the desperate and those that are not familiar with the foreclosure process.

Homeowners whose homes are listed for foreclosure should be especially on guard for....

Individuals or companies calling themselves “mortgage consultants,” “foreclosure specialists,” or anything similar

Anyone that sends you flyers or solicits door-to-door

Tries to collects a fee for helping you and before providing services to you

Tells you to make your mortgage payments directly to them individual or their company - and not to the mortgage lender

Tells you to transfer your property deed or title to the them or their company

READ THIS – IMPORTANT!

No matter whom you deal with you must follow these steps!

1. Ask the foreclosure specialist how they will solve your problem.

2. Ask for a minimum of three references.

3. CALL the references they provide.

4. Make sure these are not “staged” references by asking them “You went through this, how were you feeling?” (Staged references will sound insincere or have scripted responses.)

If you read the papers or listen to the news, they would have you believe that all people that assist distressed sellers are cheats and thieves. This is simply not true! There are many honest, ethical foreclosure rescuers that will help you.

The traits of a foreclosures scammer are often hard to recognize because they are so good at it and they are good actors. Scammers are adept at disguising their true intent with lies, exaggerations, pressure tactics and other ploys that can be quite complex.

Some of their tricks include:

They use face-to-face meetings to exploit homeowners with come-ons in the belief that most people will not lie in person

They will try to keep home owners clueless about the foreclosure process, their legal rights, and alternatives that may be available for saving their home

They will forge your name and use complex documents that conveniently run out of space for signatures, thereby forcing the homeowner to sign a blank page that is later attached to a different document.

They use "affinity marketing" techniques where Hispanics market to Hispanics and Christians to Christians with the idea that people like you are on your side and they are protecting you from others who don't have your best interests at heart.

The Foreclosure "Rescue" Racket – Affinity Marketing Tactic

For Darrell Sa'lley, the past two years have been a case of bad to worse. After being diagnosed with cancer, the Virginia Beach (Va.) resident underwent two surgeries that put him out of work for more than a year—and months behind on his mortgage. Fearful he would lose his home, Sa'lley perked up when he heard a spot on a Christian radio station from a local firm, D&D Home Loans Corp., promising to help homeowners facing foreclosure and other financial crises. "All of the things that the ad was offering I really needed," the 37-year-old recalls.

After meeting with D&D owner W. Michael Robinson, who quoted from Scripture during the visit, Sa'lley signed a stack of documents for what he thought was an advance loan on a refinancing that Robinson had arranged with a private investor. Sa'lley now says he unwittingly signed over the deed to his home to Robinson's stepson, giving him claim to the $230,000 in equity Sa'lley had built up over the years. "I felt as if the world had opened up and I was devoured," says Sa'lley, one of three D&D clients who has filed a civil suit against the company. Robinson says he had no financial interest in the deal and contends his stepson only took the deed after Sa'lley was unable to repay the advance. "I was more like a white knight who stepped up to assist someone, and now I'm being smeared," says Robinson, whose stepson has since given ownership of the home back to Sa'lley.

JUNE 25, 2007

NEWS & INSIGHTS
ByDean Foustand Brian Burnsed

You Can Have the House Back

A Capitol Heights woman received a flyer in the mail after receiving a foreclosure default notice. She contacted the company and was told they could help her. The business claimed it was a foreclosure solutions company. The “foreclosure consultant” stated to the woman that they would find an investor to refinance the home and that once the woman was able to improve her credit rating, she could buy the house back.

Under the advice of the consultant, the woman signed over the deed of her home to the company and rented it, with the option to buy it back. The company never found an investor and the rent for her home was too high for the woman to live there. She lost her home to the company, including all of its equity.

Let’s take a more detailed look at several specific ploys used by the foreclosure fraud experts:

Types of Foreclosure Scams and Frauds - Google NewsTop Consumer Complaints in 2009 - New York Times (blog)

Mortgage Fraud: New Schemes Emerge - BankInfoSecurity.com

The Dodd-Frank Act: what it means for credit and housing counseling agencies ... - Lexology (registration)

CFO Sink Announces Joint Investigation Arrests in Mortgage Fraud Crackdown - RealEstateRama (press release)

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Articles and Resources

◦	Lenders Instigate Foreclosures with Outrageous Fees
◦	Bankruptcy Foreclosure Scams
◦	Foreclosure Process
◦	Loan Audits - TILA
◦	Desperate Lenders Slash the Prices on Foreclosure Properties
◦	Foreclosure Tax Implications
◦	IRS Taxes on Foreclosure Sales
◦	Where to Go if You Suspect Fraud
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◦	Millions Facing Foreclosure Fraud
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State Foreclosure Laws and Articles

◦	Overview Table of State's Foreclosure Methods
◦	Alabama
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◦	Lenders File 502 Lawsuits in Alabama
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◦	Arizona AG Announces Foreclosure Rescue Fraud Settlement
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◦	Developer Faces Foreclosure Lawsuites
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◦	Slam the Door on Foreclosure Consultants
◦	CA AG Shuts Down Foreclosure Scammers
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◦	Colorado Foreclosure Laws
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◦	Delaware Foreclosure Laws
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◦	DC Foreclosure Laws
◦	DC Contemplates New Foreclosure Law
◦	DC Man Sells Home He Didn't Own
◦	Florida
◦	Florida Foreclosure Laws
◦	Florida Plan urged to halt foreclosure scams
◦	Foreclosures Follow Convicted Felon
◦	Slow Housing Market Speeds Up Foreclosure Scams
◦	Florida AG Sues 19 Foreclosure Rescuers
◦	Georgia
◦	Georgia Foreclosure Laws
◦	Georgia cracks down on mortgage fraud
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◦	Hawaii Foreclosure Laws
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◦	Illinois Foreclosure Laws
◦	New Law for Suing Foreclosure Rescuer
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◦	Indiana Foreclosure Laws
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◦	Indiana Foreclosure Fraud Articles
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◦	Iowa Foreclosure Laws
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◦	Presidential Candidate Assists in Foreclosures
◦	Iowa Fighting Foreclosure Rescue Scams
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◦	Kansas Foreclosure Laws
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◦	Kentucky Foreclosure Laws
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◦	Louisiana Foreclosure Laws
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◦	Maine Foreclosure Laws
◦	Maryland
◦	Maryland Foreclosure Laws
◦	Maryland Foreclosure Fraud Articles
◦	Maryland Man Admits to Equity Skimming Scam
◦	Maryland Sues Man for Foreclosure Rescue Scam
◦	Maryland NOT Optimistic on Foreclosure Frauds
◦	Massachusetts
◦	Massachusetts Foreclosure Laws
◦	Foreclosure Fraud News and Articles
◦	AG Settles with 5 Lenders Involved in Foreclosure Rescue & Brings in 4 New Parties
◦	Michigan
◦	Michigan Foreclosure Laws
◦	Michigan Foreclosure Fraud Articles
◦	Mortgage Fraud Gets Attention Too Late
◦	Lax Oversight Contributes to Foreclosure Scams
◦	Minnesota
◦	Minnesota Foreclosure Laws
◦	Broker Pleads Guilty in Foreclosure Scam
◦	Minnesota Files Lawsuit Against 6 Foreclosure Rescuers
◦	Mississippi
◦	Mississippi Foreclosure Laws
◦	Missouri
◦	Missouri Foreclosure Laws
◦	Missouri Foreclosure News
◦	AG Trying to Shutdown Foreclosure Scams
◦	Montana
◦	Montana Foreclosure Laws
◦	Nebraska
◦	Nebraska Foreclosure Laws
◦	Nevada
◦	Nevada Foreclosure Laws
◦	Accused foreclosure scam artist behind bars
◦	New Hampshire
◦	New Hampshire Foreclosure Laws
◦	New Jersey
◦	New Jersey Foreclosure Laws
◦	New Jersey Foreclosure Legislation
◦	New Jersey Victims Face Losing HOmes
◦	New Mexico
◦	New Mexico Foreclosure Laws
◦	Foreclosure Rescuers Victimizing Homeowners in Bankruptcy
◦	New York
◦	New York Foreclosure Laws
◦	Deed Forging Press Release
◦	Angels hit desperate homeowners with foreclosure scam
◦	North Carolina
◦	North Carolina Foreclosure Laws
◦	North Dakota
◦	North Dakota Foreclosure Laws and Codes
◦	Ohio Foreclosure
◦	Ohio Foreclosure Laws and Codes
◦	Ohio Foreclosure Scam Articles
◦	Ohio Foreclosure Rescue Scams
◦	Ohio Foreclosure Rescue Scammer Pleads Guilty
◦	Ohio Foreclosure Scams Getting Worse
◦	Longest Foreclosure Fight in Ohio History
◦	Oklahoma
◦	Oklahoma Foreclosure Laws
◦	Oregon
◦	Foreclosure Articles and News
◦	Oregon Man Guilty of Straw Buyer Fraud
◦	Pennsylvania
◦	Pennsylvania Foreclosure Laws
◦	Rhode Island
◦	Rhode Island Foreclosure Law
◦	South Carolina
◦	South Carolina Foreclosure Laws
◦	South Dakota
◦	South Dakota Foreclosure Laws
◦	Tennessee
◦	Tennessee Foreclosure Laws
◦	Texas
◦	Texas Foreclosure Laws
◦	Foreclosure Rescuers Halted
◦	Foreclosure Fraud in Texas
◦	Utah
◦	Utah Foreclosure Laws
◦	Vermont
◦	Vermont Foreclosure Laws
◦	Virginia
◦	Virginia Foreclosure Laws
◦	Washington
◦	Washington Foreclosure Laws
◦	Washington Foreclosure News
◦	Guard against Predatory Lenders in Washington
◦	Foreclosure Lease Back Law Proposed
◦	Bellevue Homeowner Victim of Lease Back Scam
◦	Washington Votes to Increase Foreclosures.
◦	Distressed Seller Bill Takes Effect
◦	The Legislative Labyrinth of HB 2791 - WA New Law
◦	West Virginia
◦	West Virginia Foreclosure Laws
◦	Wisconsin
◦	Wisconsin Foreclosure Laws
◦	Wyoming
◦	Wyoming Foreclosure Laws

Other Scams and Frauds

◦	Appraisal Fraud
◦	Cash Back at Closing
◦	Credit Card and Credit Scams
◦	Credit Repair Fraud
◦	eBay Real Estate Scams
◦	Debt Relief
◦	Equity Skimming
◦	Fake Contests Scams
◦	Funeral Chasers Scams
◦	Home Repair Scams
◦	Identity Theft
◦	You Can't Be Too Careful with Identity Theft
◦	Identity Theft Fraud
◦	Identity Theft Hits Small Business Hard
◦	How to Protect Yourself from Identity Theft
◦	Medical Identity Theft
◦	Investment Frauds
◦	Internet Auction Fraud
◦	Loan and Mortgage Fraud
◦	How to Avoid being a Victim Of Loan Fraud
◦	Advance Fee Loan Scam
◦	Magazine Subcscription Scams
◦	Nigerian Scam
◦	Phishing and eMail Scams
◦	Identifying ‘Phishy’ and other Threatening Emails
◦	Pigeon Drop Scam
◦	Pseudo Bank Examiner Fraud
◦	Stolen Checks Scams
◦	Telemarketing Scams
◦	Travel Scams

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