The Truth About Avoiding Scams

Chapter 52. Variations on a theme

Foreclosure fraud

Financial vulnerability makes people more susceptible to being defrauded. In the wild, predators seek out the weakest and most vulnerable animals for the kill; so do the predators in the “civilized” world.

Mortgage foreclosures are increasing throughout the country. Many people took out adjustable rate mortgages and home equity loans when interest rates were low and property prices high, thinking the bubble would never burst. But it always does. So now that prices in many places have flattened or even gone down and interest rates have increased, many homeowners are facing foreclosure as they find themselves unable to make their mortgage payments. These are desperate times for these people and unfortunately, ...