Fontana, California is one of the places that was hit especially hard by the subprime mortgage crisis. There's a higher proportion of foreclosed homes here than among real estate in Richmond, which makes Fontana homeowners more vulnerable to mortgage fraud than homeowners in other places. If you live in Fontana or if you're planning on moving there, you should educate yourself so that you won't fall victim to a mortgage scam. Read on to find out more about some common types of scams, how to tell when you're being targeted, and what to do about it.
One of the most common types of mortgage fraud is the foreclosure rescue scheme. The criminals who run this type of scheme target people whose homes are in danger of foreclosure. The fraudster will pose as someone who owns London, Ontario houses or other Fontana houses as investment properties and offer to pay off your mortgage and rent the home back to you. What actually happens is that once you sign the deed over to them, they pull the equity out of your house and disappear without paying off the bank, which ends with you getting evicted.
Another common type of mortgage scam is illegal flipping. The fraudsters who do this for a living target homeowners whose homes have been on the market a long time and aren't selling. They offer you extra money on top of your asking price and ask you to attribute the inflated price to improvements that were made on your Toronto real estate then give it back to them after closing. Then they will default on their loan, the bank will foreclose, find out the renovations were a lie, and come after you for lying about it.
Homeowners who are scared of admitting to their bank that they're in trouble are encouraged to turn to credit counseling agencies or a bankruptcy attorney in Los Angeles if they're having trouble paying off their mortgages, but sometimes even these agencies can turn out to be scam artists. They'll charge you thousands of dollars for their services but actually do nothing at all, absconding with your money and leaving you to deal with your bank after their efforts to help you "fall through" or fail.
So how can you tell if you're being targeted? Beware of any offer of help that arrives unsolicited - that means flyers in the mail, emails, phone calls, and especially visits. Thoroughly vet any person or company through the Better Business Bureau before letting them anywhere near your Spokane, Washington homes for sale. Extra beware of people who seem too charming and who dodge your requests that they explain exactly what they're doing. If you think you're being targeted or have become a victim, report to the hotline at 1-800-4FRAUD8.
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