Up 21. What about foreclosure scams?
You can usually spot a scam because it sounds too simple or too good to be true. If you’re selling your home without professional guidance, beware of buyers who try to rush you through the process. Unfortunately, there are people who may try to take advantage of your financial difficulty. Be especially alert for the following: Equity skimming. In this type of scam, a “buyer” approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The “buyer” may suggest that you move out quickly and deed the property to him or her. The “buyer” then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose. Remember that signing over your deed to someone else does not necessarily relieve you of your obligation on your loan. See Question 22; Avoiding Scams Phony counseling agencies. Some groups calling themselves “counseling agencies” may approach you and offer to perfo
