LOOK OUT FOR FORECLOSURE SCAMS

Posted on December 29th, 2007 by saman

As with anything in life there are predators preying on the vunerable. With interest rates raising so high it is forcing people to go through the hideous process of foreclosure, thus losing everything they have worked so hard for. Whilst facing the trauma of possibly losing their assets to foreclosure, they are also becoming susceptible to con artist groups who are preying on the already vunerable home owners. This is a recent scam affecting local and national home owners facing foreclosure.

Bill Postmus who is the assessor for San Bernardino County is trying to alert home owners who are facing foreclosure auctions to the fact that these con artist groups are out to target them. The groups of con artists are making the home owners facing foreclosure believe that if they file the appropriate documents with the foreclosure will then end up losing their houses and any assets they have.What the con artist groups are promising is that if the home owners facing foreclosure file the deeds with the local county recorder’s office allowing a third party a certain percentage. This deed then states that a tax which is known as a transfer tax of potentially up to $1,000 in new monies which is then added to the transaction.

The home owners facing foreclosure are then told that they can stop the process of foreclosure by adding this third party interest into the property. The home owners of the property facing foreclosure are then made to record the documents and then go on to add the monies into the third party bank account.This will under no circumstances stop the foreclosure from going ahead, so not only will the home owner contine to under go foreclosure but they will also have lost more money to the con artists. Money that these people and families do not have in the first place. More misery all round. It is vital that people keep up to date with the latest scams involving foreclosure as the misery contained is high and painful. These scams first were reported in Northern California in several counties and have since been on the rise. No one is safe from these scams and being aware and being vigilant is extremely important to staying safe. San Bernardino County is not safe from these scams either, there are scams just like the one described above happening in the County of San Bernardino.

With one scam in circulation, there are bound to be hundreds more similiar and targeting the same vunerable people. Preying on the already heartbroken and down trodden families and people. If you are approached by anyone claiming they can prevent the foreclosure of your home, approach with huge caution. If they can promise to stop the foreclosure on your home and it sounds to good to be true, it surely will be.