Police officers from Morgan Hill in California have warned homeowners of foreclosed properties, including Freddie Mac homes for sale, to be wary of companies pretending to offer foreclosure rescue services and those that operate lease back schemes. Such practices are reportedly up in the area.
With the number of foreclosed homes in San Jose, CA and in other areas of the state recording some of the highest levels all over the U.S., local authorities stated that it is not surprising that fraudulent companies and individuals have found the state and its cities a good place to operate.
According to authorities, the companies are trying to convince owners of foreclosed homes in California that they can get their properties back even when they are already foreclosed and eviction notice has been issued. The firms reportedly use fake deeds and documents to convince homeowners that they can return to their houses even though a court has already ordered the eviction.
Last August, the state's Office of the Attorney General has announced that a judgment worth $1.1 million has been issued against a state lawyer who operates a fraudulent foreclosure scheme, with owners of foreclosed Freddie Mac homes for sale and other foreclosed properties as primary targets.
The AG also stated in a press release that owners of properties under lists of foreclosure homes for sale who have been approached by these companies and individuals can file a formal complaint at the State Bar or with state government agencies. A Web site has also been launched by the AG office to educate homeowners and borrowers about the fraudulent operations.
The site can also be used by borrowers to check out whether a company or an individual who offers them foreclosure rescue services is legitimate or not. For those companies and people who operate legally and have followed state law regarding foreclosure rescues, their names can be verified through the site.
Officials have also revealed that companies and individuals who offer rescue and counseling services to owners of foreclosed properties, including foreclosed Freddie Mac homes for sale, are required to register with the AG office and post a bond worth at least $100,000. Asking for up front fees from homeowners is also deemed illegal under state laws.
1 comment:
The best way to prevent foreclosure comes from educating yourself about how foreclosure works and knowing your best options. This should bring to light your choices available and definitely will help alleviate your stress by learning so what can and will not happen when you are dealing with a foreclosure. Knowledge of the topic of foreclosure will assist you to prevent foreclosure scams and various costly mistakes.
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