Since the beginning of the Great Recession, con artists have been targeting struggling homeowners. Posing as government agencies, nonprofits and attorneys, these scammers prey on homeowners ready to do anything to save their homes from foreclosure.
But even as authorities catch on to the latest scams and shut them down, new ones evolve. Today, it's no longer just struggling homeowners who run the risk of falling victim to hustlers.
"Many people who have been scammed were being proactive," says Yolanda McGill, Senior Counsel for the Fair Housing and Fair Lending Project at the Lawyers' Committee for Civil Rights Under Law. In many cases she has seen, homeowners could see life changes ahead – such as retirement or company downsizing – and wanted to refinance and lower their payments in advance of these events.
"These people were doing just fine but thought it made sense to refinance and get aRead More »from Watch out for refinancing scams