subject: Deposit Recovery Scams [print this page] People try to get funds that they've lost back, especially when they've been defrauded in the past. However, it also reveals an even more sinister level of fraud that operates under the pretense that it can recover previously lost funds. These scams can come in many forms.
With the current poor economy the most popular, current scam on the market is the mortgage fraud and foreclosure recovery scams. Many current homeowners are facing financial problems due to loss of income and find they cannot meet their current mortgage payments. With this situation they are trying everything to avoid foreclosure.
The banks or mortgage lender are typically reticent to give the homeowner and sort of break, leaving them with very few options. Emails and phone numbers, as well as Internet ads, provide a place for scammers to get a hold of these desperate people to offer them refinancing. However, be wary of those offers that ask you for money up front.
The problem lies in the fact that these scammers have no way to help them out with their mortgage at all. So after the person pays this substantial upfront fee, they will find their "help" doesn't help at all, and has taken their money. They are then directed to not make contact with anyone at all; not the lender, the bank, or attorneys. Once the thieves have taken what they wanted, they will find their homes have been foreclosed on.
Those people who have a home loan that's approaching delinquency often reach for these people who offer help out of desperation, signing documents that claim will fix the problems with their mortgage, but will just give the home to the scammer; this can be prevented, however, by using owner-name-search.info/508/917/ or another such telephone look up service to check these people out.
You can find one of the most popular scams, called 'credit recovery' everywhere online recently. This scam states that the company will contact the creditors on your behalf to reduce amount owed and to reduce the monthly payments you will be paying. The person is to pay their monthly payments to the scammer who is, in return, supposed to pay the loan company; but this doesn't usually happen.
When people use the 'credit recovery' program they soon find that their creditors received no money at all and the scammers kept every bit of it. While this has happened, the creditors have still been tacking on late fees putting that person farther behind. The fact is that with most credit companies, if you let them know what's going on with your personal situation, they will usually work out a plan with you to help you out.
If you need assistance with your financial issues, you should take steps to avoid getting scammed. Look out for companies that require you to sign property papers, ask for money up front, and discourage you from getting other forms of help. If this is happening to you, be very suspicious as to their intentions. Everyone wants to try to get out of bad situations, and today's world is full of them; however, caution should be a priority for those who receive offers from people who promise to take care of their problems.
