avoiding foreclosure scams

Bait-and-Switch Scam

Bait and switch scammers try to convince you that your problems will end if you just sign a set of papers to make your mortgage current or get another loan. If you sign these papers without reading them, you’ll end up in real trouble. Why is this?

1. The papers include a clause in which you agree to pay a double mortgage.
2. Hidden in the papers is a document that says you agree to give the con artists the title to your home.
3. The stack of papers will be given to your lender as evidence that you plan to default on your mortgage unless you pay an extra fee.

“B” is correct. More bad news: If you sign, you’ll still owe any amount that’s due on your mortgage but no longer own the asset for which you’ve made payments.