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Scams » Scam And Its Types » Foreclosure Scams

Foreclosure Scams

Both domestic and international scammers are always posing as a threat to the community at large. Losing money to the fraudsters or scammers is an insurmountable loss for the commoners. Public are often left to lurch when the scammers loot their money from their savings or other types of accounts. Both rich and poor have fallen prey to these types of perpetrators those who are operating from unknown destinations and are facing the music. These criminal minded people hide behind the screens and cheat the people at a lightning speed.
Beware of Forclosure Scam
They will cleverly pose as government officials or other top-level executives and swindle the money from the public. They will also target the people by sending mails on daily basis or through other intelligent strategies. It will be very difficult for the public to track these culprits since they will change their identities then and there.

Scams and frauds that are related to foreclosure of loans are making rounds throughout the world. People who are unable to repay the home loan fully will insist their banks to foreclose their loans. Scammers will somehow get the complete details of the people who are planning to foreclose the account and contact them through mails or over the phone. They will pose themselves as "foreclosure consultants and specialists" and try to improve their relationships with the innocent victims. After creating a rapport with the victims the scammers will get the complete financial details, social security number, pin and passwords and other personal details. After getting all the details they will siphon-off the money from the innocent victims. There are different types of scams related to house foreclosure and following are some of the popular scams.

Skimming :

In this type of scam the perpetrators will contact the customers and show his interest to purchase the property for a price that is lesser than the market value. They will insist the seller to transfer the property in their names. Every action will be judicious and the victim will not be able to sense anything till he falls prey to them.

Internet and telephone calls :

In these types of scam the scammer will extract the vital information such as credit card number, passwords, pin and other such details of the people who default the loans. When the innocent victims provide these details they will swindle the money from the victims' bank account.
So, to escape from their nets the defaulters should never provide any personal and financial information. They have to perform background verification checks before speaking with them. But they should not spare their personal information even under pressure. Scam related to foreclosure letter was recently very popular. An ordinary resident received a letter from the Foreclosure Fraud Prevention which stated that "His house was in danger of foreclosure and that they should contact this company immediately and if you ignore this you will lose your property". Resident immediately approached the Provident Bank and sorted out the matter immediately. Scams related to rental foreclosure are also increasing and the people should be very alert when they are getting any mails or letters in this respect. If some third party or strangers sitting in different countries are asking the public to transfer the advance amount or first installment rent amount through wired transfers they should become alert and should never transfer the money. Scams related to foreclosure defense and alerts are also becoming popular. So, public should be very careful when they are handling third parties or strangers. Scammers will also pose themselves as officials from Government's Foreclosure Authority and build pressure on the customers to extract vital information.

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