Illinois Bankruptcy Lawyers Warn About Foreclosure Rescue Scams
I don't need to tell you that getting a foreclosure notice in the mail is a stressful event. But for some folks, it's such a shock that it blinds them to common sense. In their state of desperation, they can fall victim to foreclosure rescue scams.
As foreclosure rates skyrocket (check out the latest numbers), so do instances of frauds. So-called foreclosure rescue specialists promise to save your home by a number of different methods. Sometimes they ask for fees or mortgage payments up front - and then disappear after a few months, with your money. Or they'll ask you to sign documents for a new loan that will supposedly make your existing mortgage current - but you're actually signing documents that surrender the title of your home. In another method, they might directly ask you to surrender your title so they can buy your home and let you rent it, with the guarantee that you'll be able to buy it back in a few years. But, conveniently, the terms of the deal are so complicated that regaining your house is just about impossible.
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