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March 30th, 2009 11:19 PM by Uletas Greene Carter

If you are at risk of or in foreclosure, you should be on the lookout for foreclosure scams.  Here are some of the red flags to watch out for

  • Asks for money up front before providing any services
  • instructs you not to contact your lender, lawyer, housing counselor, family, friends, or others
  • Asks for mortgage payments to be made directly to his or her company or a bank account set up by that person, rather than your lender.
  • Requires payment only in the form of cash, cashier's check, or wire transfer
  • Promises to stop the foreclosure process, no matter the circumstances
  • Advises you to transfer your property deed or title to his or her company
  • Offers to fill out paperwork for you
  • Asks for something to be done immediately and without delay.  This includes pressuring you into signing paperwork that you have not had the chance to read thoroughly or do not fully understand
  • Encourages you to lease your house and buy it back over time
  • Offers to buy your house for a fixed price that is not set by the housing market at the time of sale
  • Asks for you to give a power of attorney
  • Asks for signatures on a grant deed or deed of trust
  • Asks for signatures on a document that has lines left blank
  • Fails to provide copies of signed documents
  • Refuses or fails to put an oral promise in writing

If you have been a victim of a foreclosure-related scam or approached by a scam artist, you may report the incident to following organizations and government enforcement agencies:

California Attorney General

California Department of Real Estate

If you have a real estate question, please call me at 626-388-1500 or 213-804-3369. 

Posted in:General
Posted by Uletas Greene Carter on March 30th, 2009 11:19 PM



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