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Article: Realtors warn of mortgage 'rescue' scams

Article from:
The Beacon News - Aurora (IL)
Article date:
June 29, 2008
Copyright

For a homeowner facing the frightening threat of possible foreclosure, the offer seems too good to be true. A "mortgage rescue" company steps forward, claiming to be able to help them save their credit and their home.

There is reputable help out there, but in some cases, the "mortgage rescue" company provides phantom help offering to work as an intermediary with lenders, collecting an up-front fee for services it never provides or that homeowners easily could have done on their own for free.

In other scams, the "mortgage rescuer" may offer to pay off the delinquent loan and allow homeowners to stay on as renters, with the possibility of buying the home back later. But the scam artist ...

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