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Don’t Get Scammed by a Foreclosure “Rescue” Company

A large “foreclosure rescue” industry, much of which is a scam—has mushroomed right along with the number of foreclosures. If you are close to losing your home to foreclosure, you may receive an offer of help from a foreclosure rescue company. Companies scour public records and call homeowners who’ve received foreclosure notices.

The con artists who run these companies will tell you that they have resources that are unavailable to the nonprofit housing counseling agencies, and that they care about you and will find a way for you to save your “American dream.” But unlike the nonprofit housing counseling agencies, these companies aren’t really trying keep you in your house. They’re trying to make money. If you have equity in your house, they go after it. And if you’ve got only cash, they’ll go after that.