What is a foreclosure rescue scam?

A foreclosure rescue scam is when someone tries to take advantage of someone who is facing foreclosure on their home. This can take many forms, including: 1. Someone pretending to be a foreclosure expert or counselor who offers to help and then charges high fees or encourages the homeowner to transfer their home title to them for a temporary period. 2. Someone offering to buy the home and rent it back to the homeowner in exchange for an upfront fee, with the scammers never actually paying for the home and evicting the homeowner soon after. 3. Offering a loan with a low interest rate for the homeowner to pay back, but then charging high fees or requiring the homeowner to sign up for a series of additional mortgages. It is important for homeowners facing foreclosure in Virginia to familiarize themselves with these scams and be aware of any offers that seem too good to be true. Homeowners should contact a legitimate foreclosure attorney or HUD counselor for advice on how to best proceed. It is also important to not sign any contract or agreement without reading and understanding the terms and conditions.

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What is a foreclosure rescue scam?

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