The Elderly Targets Of Foreclosure Scams
Posted March 26, 2008
Comments(0)
A multitude of opportunistic scams are targeting homeowners trying to avoid foreclosure in the current housing downturn. Prosecutors in the state of California unsealed twin cases against 19 people who are said to have skimmed nearly $13 million in equity from 115 homeowners coast to coast under the guise of a mortgage rescue.
Federal investigators say they expect the number of people ensnared in fraudulent foreclosure schemes to grow given such financial straits. The Mortgage Bankers Association said a record 2% of the nation’s 46 million mortgage loans were in the foreclosure process at the end of the fourth quarter. The number of defaults on first mortgages is forecast to rise to 1.9 million this year from 1.4 million in 2007, according to a report by Economy.com using FDIC and other data.
search for : avoid foreclosure, fraudulent foreclosure scheme
