New Fraud Involves Consultants

People looking for help and guidance when it comes to foreclosures need to be aware that there is a form of fraud focusing on this specific arena. When a homeowner considers foreclosing, many times they turn to professionals to walk them through it. A new breed of criminals is swooping in, promising those considering foreclosure that there is a better way. What seems to be a loan is instead the action of signing over a deed to the house in question, making the “consultants” the new owner of the house, while not taking responsibility for the mortgage.

Foreclosure rescue firms are now being required to disclose terms after a high profile case involving a year in the courts for this form of fraud. Some consultants are valid, and officials say that advice should be sought from a profession prior to foreclosure. But research should be done before signing any paperwork with a rescue firm. With exotic mortgages coming due and many homeowners looking at foreclosure, knowledge is still the watchword.\r\n