Posts Tagged ‘mortgage servicers’

Behind foreclosure scams

December 16, 2008

With increasing millions of households owing more on their mortgage than their house is worth and with unemployment skyrocketing, there are a lot of desperate people out there.   This post from Creditslip provides the context for the foreclosure scams.  

If homeowners could quickly actually reach a live loan servicer within a few minutes, then these scams would have less appeal.  They could work something out with the servicer but that isn’t happening.  Instead homeowners are thrown into voicemail hell and they are already feeling  rising panic and dread.  Along comes smooth talking foreclosure servicers who promptly pick up the phone and calm callers with visions of all being well once they fork over a thousand dollars or more.

However, this is just ruse I we see here.