[caption id="attachment_182" align="alignleft" width="248" caption="Scammers Are Taking Advantage Of The Wave Of Foreclosures"]
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Realtors commonly regard the filing of a notice of default as the beginning of the foreclosure process, but for some people it can also be the start of something sinister. The public notice of default can act like a magnet to unscrupulous people who often sweep in offering assistance only to take advantage of distressed homeowners. To protect homeowners in foreclosure from predatory tactics many states have laws that regulate the activities of people who offer foreclosure-related services, including real estate agents.
In this blog series we are going to discuss the issues surrounding foreclosure scams, while giving special attention to how realtors, homeowners and buys alike can distinguish between legitimate and illegal enterprises.
A Foreclosure scam is a loose term for fraud, deceit or trickery perpetrated against homeowner facing foreclosure, or any other person involved in the foreclosure process. As foreclosures continue to rise across the country, foreclosure related scams have exploded onto the real estate market scene. Some con artists offer to help homeowners in foreclosure, but in reality their only goal is to take advantage of desperate homeowners and walk away with their hard earned cash and offering them nothing in return, or in the worst cases these con men will even manage to swindle homeowners out of their properties. Other brazen scammers will target real estate agents, investors, lenders or anyone else in the foreclosure food chain.
Anyone in any part of the foreclosure process can be taken by these scammers, so don't let yourself get caught in a scammers trap and learn how to spot scammers and protect your assets. Be sure to check back Wednesday for part 2 of this blog series Foreclosure Scams.
Next Week: How to Detect Scammers
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