Although the Federal Trade Commission has also been more vigilant in announcing and investigation foreclosure and loan modification scams, the surely can’t cover all the new forms of fraud that are occurring. In an effort to better protect consumers, the Better Business Bureau has developed a list of common mortgage debt relief scams that have been gaining popularity.
Most homeowners have become aware of some of the more popular scams such as phony mortgage relief service companies and foreclosure prevention agencies that charge for services and then disappear. What is the sad truth is that criminals are definitely evolving with the times. The Better Business Bureau has recently begun spreading the word about two newer forms of mortgage relief scams.
One of the most recent scams involves the use of the internet for advertising phony companies or soliciting victims in need of foreclosure help. Disguised as a legitimate company, these businesses are advertising their services through big name search engines such as Google and Bing. The good news is that the FTC has shut down the advertising campaigns of many non-reputable agencies. However, it is going to take time before regulations are in place to ensure the internet is once again a reliable source for quality advertising.
Another scam gaining popularity is unsolicited mortgage relief services. Taking information from private records or using public data to derive a list of potentially suffering mortgage holders, some companies are contacting individuals to offer help resolving mortgage debts. Unsolicited advertising may make a person feel like it’s their lucky day, but should be a cause for concern among homeowners.