Friday, July 21, 2006

Foreclosure Investment Scam Uncovered

Alleged Foreclosure Investment scammers indicted

I just blogged about this topic a few hours a ago and then read this article in the paper.

In essence, a women and 3 others found people in foreclosure through public foreclosure listing and arranged loans for them.

"Defendants could get 20-year sentence for charges of
identity theft and mail fraud.
By Samantha Gonzaga, Staff writer

LOS ANGELES - A Downey woman and two others on Thursday
were indicted by a federal grand jury for their alleged
part in a $12 million foreclosure scam that victimized
more than 100 Southern California homeowners..."

Except that they allegedely used illegal methods to do so.

I always say: There are many homeowners with financial troubles and in foreclosure and we can help them get out of foreclosure.

Preoreclosure houses are plentiful and ethical investors will be able to profit from this as well as helping the homeowner in foreclosure in the process.

Investing in Foreclosure must be a win win win for all parties and if not, don't do it!

Visit House Foreclosure and Investing Blog to read Forclosure Experts discuss Foreclosure Investing and Strategies on a daily basis.

Foreclosure Scams

Beware of Foreclosure investing and buying scams

Over the many years, I've come across some of the nastiest foreclosure investor scams.
Now, more than ever, the foreclosure investor as well as the homeowner in financial trouble needs to be aware of such scams.

Here is a very interesting article by Christi Lundquist that addresses some of the biggest foreclosure scams and how to avoid them. You can read the article here

I've included a short snippet of her article and strongly recommend reading the entire post on her blog.

Here are some signs that one should proceed with caution,
or even question the transaction. These can help protect
consumers from fraudulent transactions, and help loan
officers and mortgage professionals learn to recognize
fraud, and even help to educate customers in the event
that they need help in the future. Use extreme caution if
you are asked by an individual or a company to do any of
the following: (This advice comes from the U.S. Trustee
Program of the Federal Department of Justice for homeowners
facing foreclosure or having trouble paying their mortgage)

Visit House Foreclosure and Investing Blog to read Forclosure Experts discuss Foreclosure Investing and Strategies on a daily basis.