What is a foreclosure rescue scam?

A foreclosure rescue scam is a type of fraud where scammers attempt to take advantage of people facing foreclosure in Washington. The scammer will usually offer to help the person facing foreclosure by buying their home or renegotiating the mortgage with the lender. In exchange, the scammer will ask for a large upfront fee or ask the person to sign over the deed of their home. The scammer may then take the money and disappear, leaving the homeowner worse off than before. In some cases, the scammer may make false promises about stopping the foreclosure process or significantly reducing the amount of money owed on the mortgage. The scammer may also suggest signing over the deed of the home as a way of avoiding foreclosure, which is illegal in Washington and can result in additional legal issues for the homeowner. The best way to avoid foreclosure rescue scams is to thoroughly research any company or person offering foreclosure assistance. Always use a licensed attorney or a HUD-approved foreclosure counselor. Be sure to contact the Washington State Department of Financial Institutions if you have any concerns about potential scams or if you are asked to sign any documents related to your home.

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What is a foreclosure rescue scam?

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