Foreclosures: You Got Punk’d

An opportunistic bunch of criminals have descended upon the foreclosure market. Watch out for these scammers as you navigate through the market. Be aware of their common schemes and tactics so you won’t get victimized.

A good rule of thumb is to never give out your credit card number online to any company offering courses or seminars in flipping foreclosure. Many such classes are just sales pitches disguised as knowledge sharing. Also avoid any company that tries to charge you for information that is free to the public, such as where foreclosures are located and how long they have been on the market.

Don’t buy a house from anyone who has fallen for a foreclosure rescue scam, as the property may have liens or other legal liabilities tied to it. Be sure you know who has the deed to the home before you sign any paperwork. As more people become victims of the foreclosure “rescue” racket, their troubled financial woes may be transferred on to the new owner.