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Beware of Home Foreclosure Rescue Scams

Homeowners who are facing foreclosure are prime targets for scammers.. Even though they often believe the deal is too good to be true, they are in a desperate situation and take the deal anyway. According to the NY Post, this is exactly what happened to Broadies Byas.

Ms. Byas, 50, fell ill and was no longer able to repay the $30,000 she owed on a home equity loan. She was served with a notice of foreclosure on the brownstone she had lived in all her life.

In early 2014, Ms. Byas decided to work with Homeowners Assistance Services. The company gave her a check for $50,000, but they did not provide her with a new mortgage. Sensing something was wrong, Byas decided not to cash the check. She later discovered that she had transferred title of her home to the scam company and that her home was worth an estimated $1.9 million.

Byas is currently involved in litigation over what happened and is fighting for her home. She is a speaker at mortgage scam and foreclosure prevention workshops because she doesn't want anyone else to face what she is going through.

The Manhattan U.S. Attorney arrested two individuals for running a fraudulent scheme using Homeowners Assistance Services and a related company, Launch Development, LLC, to trick unsuspecting residents out of their homes. The two individuals were indicted in September.

Throughout the country, foreclosure-related scams have significantly increased in recent years and "deed theft" has been rising. The drastic increase in real estate values in many areas and relaxed requirements for property transfers allow this scam to be quite successful.

If you are facing foreclosure and you are worried about becoming the victim of a scam, contact a source you can trust - Levitt & Slafkes. We have helped numerous homeowners successfully fight foreclosure actions with litigation, bankruptcy and loan modifications, and we can help you.

There are a number of different options available to fight back against foreclosure and it is critical to choose the right one for your circumstances. During your free consultation, attorneys Bruce Levitt and Shelley Slafkes will carefully explain all of your options so you can make an informed decision about how to best proceed. Contact us today at 973-323-2953 to schedule a free initial consultation with a compassionate and knowledgeable lawyer.

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