avoiding foreclosure scams

Equity-Skimming Scam

Equity skimming is a similar scam to the rent-to-buy ploy. In this scam, con artists say they can locate a buyer for your home, but only if you transfer your deed to them and move out. They agree to give you a share of the proceeds when the home sells. What actually happens instead?

1. Once you sign over the deed, the scammers simply rent out the home and keep all the money they receive.
2. Your lender goes forward with the foreclosure.
3. You ultimately lose your home.

ALL of these things are likely to happen. A sober note: If you lose your home, you’ll still be responsible for any amount you owe on your mortgage. Signing over the deed is not the same thing as signing over your mortgage debt.