Mortgage Foreclosure Rescue Scams - Documentary Video

Mortgage Foreclosure Rescue Scams - Documentary Video

We Stop Foreclosure Rescue Scams (2008) by Kyra Olds

This is a documentary about mortgage foreclosure rescue scams that are occurring across the country in light of the growing foreclosures. The movie describes common scam tactics and how distressed homeowners fall for these scams. The movie concludes with what lawyers can do to challenge these scams in court and the Washington State Legislature's response to try to to stop these scams by passing House Bill 2791 and Senate Bill 6381. It is intended to educate advocates so they can better assist homeowners facing foreclosure.

Director: Kyra Olds
Producer: Northwest Justice Project
Sponsor: Eric Dunn
Keywords: foreclosure rescue scam; washington; mortgage; foreclosure; 2791; northwest justice project; njp
Contact Information: Northwest Justice Project 401 2nd Ave S Seattle, WA 98104 www.nwjustice.org

Creative Commons license: Attribution-Noncommercial-Share Alike 3.0 United States

Credits:
We Stop Foreclosure Rescue Scams
by Northwest Justice Project;

Featuring:
Eva, Client of NJP; Eric Dunn, Attorney at NJP; Melissa Huelsman, Private; Attorney in Seattle; Judy Poston, Housing Counselor at Solid Ground; Julia Kellison, Attorney at NJPl; Fred Corbit, Attorney at NJP

Produced by: Kyra Olds, Intern at NJP

Foreclosures are increasing nationwide, and so are scams that promise to rescue homeowners from foreclosure. What these scams do is take your money, ruin your credit record, and wipe out any equity you have in your home. Foreclosure con artists take advantage of people who have fallen behind on their mortgages and face foreclosure. Con artists know that people in these situations are vulnerable and likely to be desperate. Potential victims are easy to find: mortgage lenders publish notices before foreclosing on homes. After reading such notices, con artists approach their targets in person, by mail, over the telephone, or by e-mail. They advertise their services on Web sites or publications. They often refer to themselves with titles that sound official, such as foreclosure consultant or mortgage consultant, and market themselves as a foreclosure service or foreclosure rescue agency. Your mortgage lender or any legitimate financial counselor can help you find real options to avoid foreclosure. If someone offers to negotiate with your lender and offers to arrange to stop or delay foreclosure for a fee, carefully check his or her credentials, reputation, and experience. To protect yourself, follow the recommendations contained in this Consumer Advisory.

Category:

News & Politics

Tags:

• mortgage
• mortgages
• foreclosure
• foreclosures
• rescue
• scams
• scam
• financial
• crisis
• homeowners
• homeowner
• financing
• refinancing
• finances
• credit
• washington
• crunch
• banking
• banks
• wall
• street
• United
• States
• US
• USA
• Lease-Back
• Repurchase
• fraud
• schemes
• Bankruptcy
• lender
• lenders
• housing
• servicers
• home
• homes
• houses
• family
• living
• real
• estate
• debt
• loan
• loans
• counselor
• options
• option
• payment
• payments
• problems
• con
• artist
• artists
• confidence
• fake
• fakes
• crooked
• criminal
• crime
• ownership
• owners
• equity

[DrewDownsManagement]

Very informative video. I took some notes on the video and how it was done. I gave it 5 stars. Check out our vids and tell me what you think? We have some good stuff also.

[rosaryfilms]

DrewDownsManagement, thank you very much!

[einsteinslies]

Sell your wife, not your house!

[checkers1245]

I am in the state of Nevada. We are the hardest hit state for foreclosures. It is due to the economy and the unemployment rate that is over 14%. Anyway, I paid $3,000 to Coleman Law Associates to modify my loan. After months and all the paperwork they requested, I found out that they never contacted my lender. Guess who is losing their home?? ME! I am so upside down and disgusted that it doesn't even matter anymore. They can have this house, the neighborhood has gone down anyway.

[income101]

Well, there are scams all over, like McDonalds claims to sell hamburgers - thats debatable - There are also good things, like TGIF's hamburgers are good. Point is simple, do your due diligence and if its a win-win-win, then go for it.

[oicufn812]

I get the 90% (probly higher) from the fact that they were in or near foreclosure before calling the "scammers" in the firast place. They could not afford the home they agreed to purchase. Besides it doesn't really matter. Anyone dumb enough to fall for something like this deserves to be taken. They are too dumb to compete in the world and ultimately will be bred out of the system. In the grand scheme of things no one gives a crap about the losers. It's the way it should be.

[EGD75]

Actually, the point of the video is that the scams are not legal. I don't know where you get your 90% statistic from (probably your imagination), but in any event, it is not necessary to be scammed by a predator to preserve one's credit. If a person is going to "lose" his home, better to sell it at or near fair market value and recover some, most, or all of the equity than forfeit the entire value in a scam.

[EGD75]

Bucktooth, when you finally move out of your mother's basement some day, why don't you tell me how many pages of the fine print you read. Then two weeks later when you're finished, you can try to explain to me what it all meant.

[BuckToothPhooey]

If you did not read the fine print, it is your fault. Nobody put a gun to your head to sign. Take responsibility for your actions.