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If you are facing problems with your mortgage payments and you are on the verge of losing your home then a foreclosure rescue scheme may seem like an attractive solution. But everything that seems fascinating from a distance can turn out really ugly when seen closely. It is same with such rescue schemes.  Why don’t you sneak a peep into the real story behind these rescue schemes?

In recent times, the BBB has received complaints at an alarming rate from victims of foreclosure rescue fraudsters. Vulnerable homeowners seeking financial guidance are easily exploited and scammed by the so called foreclosure “rescue” companies. One of the common scams to be on the lookout for is:

Equity skimming: Are you facing foreclosure? Then you will probably receive numerous solicitations from multiple companies looking to “help” you in stopping the foreclosure by promising to make your mortgage payment or give you a lump sum amount of money when the property is sold. And all you have to do is to make a signature. What you’re signing is a deed to your home it implies that you are giving them the title to the property.

After legally handing over the house you may move out or stay in the property. If you leave then these so called rescuers rent your house to someone. They collect monthly rent on your property, and to make the matters worse they do not even make any mortgage payments, thus allowing the lender to foreclose.

Unaware of all theses happenings, you might be thinking that “Thanks heavens! I have avoided the possible foreclosure by signing over the property”. Another illusion that you might be having is “I do not have to make any further mortgage payments to the mortgage company”

But the fact remains you still do!!!!

What happens in the end is you lose everything- your home, money, your credit rating and all the hopes! The only thing you are left with is the small down payment that you had received from the rescue company.