April 04, 2006
Beware of foreclosure frauds
If you are facing problems with your mortgage, which could lead to foreclosure, be warned about a type of fraud that is being carried out by certain unscrupulous characters. If you’ve missed two or three monthly payments, your lender would file a notice of default with the county recorder's office. These scam artists read the notices, zero in on their victims and then trick them into signing over title to their homes. Latimes.com reports:
While still considered low, indications are that the nation's foreclosure rate is on the rise, meaning the pool of potential victims is growing. Overall, the foreclosure rate in the Los Angeles region has doubled since October, according to RealtyTrac Inc., an Irvine-based company that monitors foreclosures. As of February, the rate was one foreclosure for every 1,223 households.
Read more: Foreclosure Fraud Finds a Home
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