Anyone Can Search the Public Record

Thanks to the legal requirement that a "notice of default" be recorded at the court house, the names and addresses of delinquent homeowners are public knowledge. Anyone can search the public record and find the names of homeowners in default.

Many websites specialize in compiling and publishing the addresses of pre-foreclosed or foreclosed homes.

Armed with this information, financial predators can target a distressed homeowner.

Perceived time pressure contributes to hasty decisions. Foreclosure scammers almost always point to a lack of time and insist that decisions be made quickly without consulting others. This pressure allows the scammer to get a quick signature on unread and fraudulent documents.

Predators use a wide variety of tactics. Unfortunately, The remedies they propose only leave the homeowner worse off.

It is a sad fact that members of ethnic groups are often victimized by others members of their group.

Greater trust is sometimes placed in people who shares similar backgrounds. In predominately Hispanic or Vietnamese communities for instance the people preying on distressed homeowners are often those who gain the confidence of their victims by stressing their common race or heritage.

Eleven false Promises and claims made by scammers:

• We'll buy your house: instant cash.
• We'll pay cash for your house: any situation, any condition.
• We'll get you a new mortgage with low monthly payments.
• We'll help you filed bankruptcy to stop this foreclosure.
• We'll save your credit.
• We'll pay your first month to month rent or payments in your new place.
• You will get several thousand dollars in cash back that you can use any way you want.
• If you sign the house over to us the foreclosure will be recorded against us, not you.
• We'll buy your house "as is."
• It will cost you thousands more if your property is sold at auction.
• We guarantee we'll find you a buyer in seven days.

Predators portray themselves to distressed homeowners as "White Knights" riding to the rescue. They know that the homeowner wants someone to rescue them and they zero in on that desperation. They promise to help the homeowner to get a "fresh start" and point to examples of other homeowners that they have helped.

The price of a fresh start may be heavy fees.

The homeowner in an antideficiency state is protected from a lawsuit by the lender against personal assets. The heavy fees charged by the predator are not covered by the antideficiency laws, and can impede the very fresh start the predator promises to provide.