Top Foreclosure Scams

http://thisismylife.co.uk - The Federal Bureau of Investigation says there are three basic types of mortgage fraud schemes. The first is called "phantom help." That's when the homeowner hands over cash to re-work a mortgage and the so- called rescuer takes off with the money.

The second, "bailout," happens when a homeowner surrenders a house title to the rescuer. They're told they can stay on as renters, while the mortgage fees are fixed, then repurchase their home.

In this case the rescuer usually becomes the homeowner. Then there's the "bait and switch." This is where home owners are talked into signing what they think is a new loan, but they're actually forged documents handing the house over to the rescuers.

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