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Foreclosure scams on the rise: What to watch for
CBS News ran a story today warning of new and increasing scams targeting struggling homeowners. The scam, in all its variations, is especially despicable as it takes advantage of those who, in desperation and out of fear for losing their homes, are looking for a way to salvage their American dream.  
The report cited a 35 percent rise in foreclosure rates through the first quarter of 2010 as providing a rich target environment for scam artists. On average, consumers lose $3,000 if they're victimized by such fraud, but could stand to lose their entire homes. In the state of Nevada alone, which has been especially hard hit in the housing crisis, consumer complaints have been filed against 167 companies reportedly involved in foreclosure "relief" efforts, but which have been fleecing struggling owners instead. Three Types of scams to watch for: Phantom Help: The "rescuer" charges outrageous fees for light-duty phone calls or paperwork that the homeowner could easily handle on his or her own, none of which results in saving the home. This predatory scam gives homeowners a false sense of hope and prevents them from seeking qualified help. Bailout - or "Rent-to-Own": The homeowner is deceived into signing over ... more

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