When tough financial times strike, many individuals do not know where to turn for help. The inability to pay bills, especially mortgage payments and other very important debts is often a source of panic and frustration. Occasionally, people may be so desperate for help that they may turn to unreliable or poorly-researched agencies for financial assistance, and may find themselves the unwitting victims of financial scams like bankruptcy scams.
A common bankruptcy scam is called the foreclosure-bankruptcy scam. It mainly targets people who are having difficulty making their monthly mortgage payments and are unable to re-finance their home loan through traditional methods like banks and other financial agencies. In their desperation to relieve the financial burden, homeowners may be taken in by scam operators advertising help with home-loan refinancing.
Many of these scam operators have no ability to truly help reduce the homeowner’s monthly payments, and in many cases never make any attempt to re-negotiate the terms of the loan. Instead, they often tell the homeowner they have successfully reduced their payments, but require payment to be made to the scam operation instead of the bank. In some cases, the scam operators have even been able to convince the homeowners to sign over the deeds to their homes.
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