Be Wary Of Real Estate Foreclosure Scams
There is no doubt that more and more people have been forced into financial difficulties by the collapse of the US housing market, and are now being faced with Michigan real estate foreclosure. And with the rising number of requests for Michigan real estate foreclosure assistance, there has been an accompanying increase in the number of foreclosure assistance scams. To make matters worse, those who are responsible for the scams not only walk away with their victim's cash but they often walk away with the titles to their homes as well.
Even if you have received a foreclosure notice, you should not panic and reach for the first offer of Michigan real estate foreclosure assistance. You need to learn how to recognize the tricks which Michigan real estate foreclosure assistance crooks use to swindle those in your situation.
One of the scams perpetrated by fake Michigan real estate foreclosure assistance companies is Equity Skimming.
In the Equity Skimming scam, an unsolicited offer is made to find a buyer for your home so that you can clear up your debts, and the individual making it requires you to sign your home over so that you will no longer be facing foreclosure, with a promise that you will be paid some of the profit when they sell the home. However, once you've transferred title to your home, the scammer will simply rent it out for a while, pocketing the rent while the bank proceeds with the foreclosure process. You have lost your home, and you will still remain liable for the unpaid mortgage, because transferring the deed does nothing to transfer your obligations.
Then there are the fake Michigan real estate foreclosure assistance counseling services. They tell you that for a minimal fee you will be able to have their experts negotiate with your mortgage lenders in order to get the foreclosure assistance you need. They will promise to relive you of the burden of having to deal with your lender on your own, saying that their expertise in such matters will enable then to get you the best possible deal.