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Article: Beware 'mortgage rescue' scams
- Article from:
- Chicago Sun-Times
- Article date:
- July 18, 2008
- Author:
CopyrightCopyright (c) 2008 Chicago Sun-Times, Inc. (Hide copyright information)
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Homeowners facing the frightening threat of foreclosure have to be on the lookout for ripoffs.
A "mortgage rescue" company steps forward, claiming to be able to help you save your credit and your home. In some cases, the "mortgage rescue" company provides phantom help offering to work as an intermediary with lenders, collecting an upfront fee for services it never provides or for something 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 doesn't make the payments and homeowners, who ...