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The distraught state of the national housing market, combined with high unemployment, has shaped a lush environment for deceitful fraudsters looking for a chance to take advantage of frantic homeowners. Several homeowners who go with loan modification or foreclosure “rescue” companies for assistance in the end discover that they have been scammed. An up-and-coming inclination in latest months engages mortgage aid relief scams. These scams intent homeowners by means of promising to save them from foreclosure, or maybe get them a reverse mortgage or at least lower their mortgage payments. This is all in exchange for an advance or monthly fee. But as expected many of these homeowners never get the relief they have been promised.
These scams utilize a range of effortless strategies to spot their financially-distressed sufferers. Various scammers trace troubled borrowers from published foreclosure notices or other publicly-available sources. But others anticipate on mass-marketing modus operandi such as flyers, radio, television and Internet advertising to entice in distressed borrowers. Still others misleadingly propose an association with a government agency to hastily get the conviction of unsuspecting victims.