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The mortgage market in Massachusetts is getting rough as adjustable rate mortgages are facing rising interest rates and appreciation on properties is slipping. The Attorney Generals office has put out a warning about the rise of scam artists targeting mortgage holders facing foreclosure. They promise to save your home, but may just be trying to get you to transfer title of the home for little money without relieving the debt properly.

Promises such as “we can help you save your home,” “we’ll buy your house and sell it back to you and improve your credit,” and similar offers sound too good to be true, and they are!
Homeowners facing foreclosure are being targeted. Information about pending foreclosures is publicly filed, and unscrupulous businesses and individuals purchase that information so they can target homeowners for these foreclosure “rescue” schemes. You may get letters, telephone calls, or even visits from individuals or firms offering to help you avoid foreclosure on your home through “sale-lease back” arrangements, “interim ownership contracts,” special “financing,” or some other deal. These “rescuers” agree to make a payment to the foreclosing lender to get your mortgage current and to avoid the pending foreclosure auction. However, they typically also require you to sign over your home, with the promise that you can buy it back later. But when you sign the papers, the actual terms will make it difficult or impossible for you to reclaim title to your home. At the end of the day, you may end up losing your home, and any equity you have built up in your home.

If you are facing foreclosure, seek advice from trusted professionals. Never enter into any agreement or arrangement involving your home without consulting with a trusted advisor. If the person or firm offering to “rescue” you from foreclosure tries to dissuade you from seeking independent advice, then it’s likely a scam! via the Massachusetts Attorney General

Related posts:

1. Foreclosure Rescue Scheme Banned In Massachusetts
2. More on Mortgage Rescue Fraud
3. San Diego Foreclosure Rescue Scam Busted After 400 Ripped Off
4. Massachusetts Governor’s Foreclosure Prevention Program Expects Mortgage Companies To Bear Burden
5. Detroit Mortgage Scam Hurts Elderly