Tips to Avoid Foreclosure Scams for Las Vegas Homes Residents
Just as home improvement con artists come out of the rubbles, a hurricane, an earthquake, or other natural disaster, and more and more often, foreclosure scammers, show up when household finances have been shattered beyond repair. Las Vegas homes residents should remember these tips to avoid getting scammed when facing Las Vegas Foreclosures.
Along with the increase in mortgage fraud, title insurance kickbacks , over-inflated appraisals, fraudulent flipping and other forms of real estate fraud, there’s another danger lurking around who watches the foreclosure listings for their next victim.
These people pose out as foreclosure rescuers trying to help their next victims. Higher home prices lead some homeowners to creative financing deals, but later, as interest rates increase, the loans become too expensive. Unless the homeowner takes adequate measures to avoid foreclosure, they might lose their home to the bank or worse, to scammers.
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These types of scams come in different varieties, Las Vegas homes residents should know these and be on constant vigilance amidst facing a foreclosure. Here are three of the most common varieties:
The Phantom – the so called rescuer charges a homeowner facing foreclosure with very expensive fees for light-duty phone calls and paperwork the home owner could have done themselves. There also may be promises for representation to hold off foreclosure but the help never materializes. The home owner then loses valuable time which could have prevented foreclosure and the rescuer disappears having taken money from the homeowner.
The Bailout – the rescuer deceives the homeowners to surrender title to the house believing they are making a deal to become a renter and be able to buy back the home in the next few years. Buyback then becomes impossible, the home owner permanently loses possession and the scammer gets away with all or most of the home’s equity.
Bait and Snitch – homeowners are deceived that they are signing documents for a new loan to make the mortgage current but actually surrender the title of the home for a fraction of its value.
Be aware of these fraudulent activities surrounding Las Vegas Foreclosures to protect you and your family.