May 2021
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New Senate Bill to Curb the Rising Trend of Foreclosure Scams

Our current economic situation has dealt a double-blow to many homeowners across the country; not only have many of them become unable to keep up with their mortgage payments, but many of them have also become the victims of fraud by unethical individuals out to make a quick buck from other people’s misfortune and tragedy.

While many families are struggling to come up with strategies to keep a roof over their heads, their children fed, and their utilities paid, some unscrupulous individuals are taking this opportunity to engage in numerous instances of fraud and deception to horns woggle innocent families out of not only their meager funds but also out of their last chances to keep their homes.

Most of these defrauded families are in desperate need of help to refinance or renegotiate their mortgages and their reaching out for help has led them to some stunningly shocking results. There are two main types of fraud that seems to be occurring currently that is detrimental to our nation’s homeowners: title fraud and individuals misrepresenting themselves as financial assistance for homeowners.

With title fraud an individual often claims to be able to offer a family assistance with avoiding foreclosure on their home by transferring title of their home to the third party “temporarily” while the mortgage is renegotiated or some such excuse. Anyone who is working to help you retain ownership of your home will not ask you to transfer ownership of your home to them.

Another popular scam that’s become quite frequent is where someone approaches homeowners or publishes advertising to help people renegotiate their mortgages or save them from foreclosure for a fee upfront. The person then takes the money without providing the service promised and often leaves the homeowners to suffer with foreclosure because no one is helping them renegotiate their loans at all.

Thankfully, a new bill has been introduced by Senators Schumer and Kyl to provide funds to support a real estate fraud task force to investigate and prosecute scam artists. Many of these crimes have gone uninvestigated or prosecuted because there is just not enough money at present for the pursuit of these criminals. The bill would provide up to two hundred million dollars to fight real estate fraud crimes. Hopefully with this new bill there will be some well-deserved justice for these victimized families.

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