You may have seen the press about the dramatic rise in mortgage delinquencies. With the upcoming wave of ARM resets in March, the delinquencies and eventual foreclosures will only continue to rise. Just as we saw scam artists promoting “flipping” during the rise of the real estate bubble, we’re now seeing more scams related to foreclosures. Below are just a few articles and resources:
- Freddie Mac has a foreclosure fraud center and commercial on Youtube.
- Fraud Guides has a bulleted list of red flags.
- 10/25/07: Bankrate elaborates on various schemes. They’ve provided a summary of warning signs.
- 12/7/06: CNN posts an update to the ongoing issue.
- 11/29/06: WSJ’s take.
- 7/7/05: The BBB issued a recent warning on foreclosure scams.
- 6/3/05: The Washington Post covers foreclosure fraud.
- 10/1/98: The DOJ issued a notice detailing how to detect foreclosure fraud.
How can you differentiate between a legitimate and fraudulent deal? Below are some opinions:
- 11/2/07: Jim Watkins is emphasizing the importance of full disclosure and participation of all parties.
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