Fraudsters are targeting troubled borrowers facing foreclosure in a scheme that could leave homeowners with even more debt than they otherwise would face, a new online video warns.
In the video that dramatizes a common case of fraud, a homeowner receives an unsolicited offer to help settle mortgage debt but ends up homeless and with battered credit.
Under a common scheme, a con artist will seek out a public notice of foreclosure and approaches the potential victim with documents and the promise of sorting out the debt.
“You sign, thinking you are saving your home but you are really giving the con artist the deed to your house,” according to the video called Avoid Fraud, which can be found on the Internet site YouTube (click here for link to video).
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