Avoiding Foreclosure Scams in the Tracy and Central Valley Area
Thursday, August 12, 2010
The best way to avoid foreclosure related scams is to get tough. Scam artists intentionally seek out the weak and hope to take advantage of you when you are in a distressed situation, such as foreclosure or losing your home and worried you are not going to be able to handle the stress. When you are down and out you will tend to believe anything, even if it sounds too good to be true. This can make you a specific target for the unscrupulous scam artist.
It is important to remember, outwardly scam artists tend to be clean cut, well spoken, and often seem to know a lot more about your situation than you do. They often attempt to lure people by belonging to, or pretending to belong to the same racial, religious, social, or other group as their victims. They will often say or do whatever you want to hear or have them say in a very convincing manner, often agreeing with your plight and seem to empathize with you.
With certain exceptions, someone who charges you a fee to negotiate with your lender on your behalf must be licensed with the California Department of REal Estate. You can do a quick check, or “License Status Check” by going to www.dre.ca.gov. You should also conduct further investigations before doing business with someone offering to help you by checking public records, the Better Business bureau. and the Internet, asking for and verifying references and going to the physical address to verify one actually exists.
Another clue is when someone tries to push you into making a decision right now, or making false deadlines. If they give you a deadline ask to see it in writing from a source you trust. Taking time to ask friends, family, or just discuss the decision with someone else is always a good idea. If and when you do finally sign a document, know what you are signing after you have had a chance to read it, and don’t allow the person to leave without giving you copies of what you signed. Never believe anyone who tells you, “it doesn’t matter what it says in the contract, here is the truth”. A written contract almost always trumps a verbal promise.
Don’t be afraid to ask questions and don’t ever allow someone to talk you into doing something illegal, or let them convince you it’s OK because everyone is doing it. Do not comprmise your position by getting involved in anything underhanded. Once you agree, you will be less likely to blow the whistle on the scam artist if you too are involved in the scheme. The bottom line is the more you know about foreclosures, the less likely you will be duped.
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