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What does foreclosure fraud look like?

If you and your family are facing serious financial difficulties, you may be facing the unfortunate prospect of foreclosure. Hundreds of homeowners across Miami and other parts of Florida are foreclosed upon every year, and many do all that they can to delay or stop the process altogether. Sadly, some of those homeowners become the victims of foreclosure fraud. That is why it is so important to be aware of the issue, as well as be familiar with some of the tactics of foreclosure scam artists.

The Federal Bureau of Investigation discusses the issue of foreclosure fraud and explains that even single incidents of illegal dealings have cost homeowners millions of dollars. Investigating the claims and complaints of homeowners and foreclosure fraud victims, the FBI has identified several strategies commonly used by illegal companies in order to defraud homeowners.

If you are in talks with a business that claims to be able to help you hold off or eliminate the threat of foreclosure, there are several things that you should be wary of. For one thing, you should never be pressured to agree to or sign any document before having the chance to read through it thoroughly or fully understand what it means. You should also not be asked to pay up front before any services are provided to you. Businesses that only accept payment by wire transfer or cashier's check are often highly suspicious. Similarly, beware of any company that advises against you contacting your lawyer or mortgage lender. It is also appropriate for any business to guarantee a loan modification or to stop foreclosure proceedings.

Unfortunately, foreclosure fraud can take many forms. Consequently, the information provided above only provides a general overview of fraudulent conduct and cannot be used as legal counsel.

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