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Bankruptcy Foreclosure Scam
In this scheme, the scam artist purports to negotiate a refinancing with the homeowner’s lender after collecting an upfront fee from the homeowner. Instead of contacting the lender, however, the scammer pockets the fee and files a bankruptcy case in the homeowner’s name and without the homeowner’s knowledge. The bankruptcy filing will stop a home foreclosure, but only temporarily. What is more, the bankruptcy process is complicated, expensive, and unforgiving. A bankruptcy will stay on the homeowner’s credit report for 10 years, and can make it difficult to obtain credit, buy a home, obtain life insurance, or even get a job.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Home Mortgage Loan Scam to Watch Out for – Bankruptcy Foreclosure is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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