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Fraud Recovery Scams

By Odesi Desko

When a person loses money and gets nothing in return they want to try to recover those funds. Unfortunately, this is a desire scammers now play on with their claims that they can recover the money for you. There are many aspects to these scams.

With the current poor economy the most popular, current scam on the market is the mortgage fraud and foreclosure recovery scams. Many current homeowners are facing financial problems due to loss of income and find they cannot meet their current mortgage payments. With this situation they are trying everything to avoid foreclosure.

Many homeowners have been refused any recourse by the bank or mortgage holder and are desperate to keep from losing their home. Scammers find their “marks” through e-mail, phone, newspaper, or Internet ads and offer to help them find refinancing or to modify their home loans. These scammers require a substantial fee up front which is the first red flag.

However, the homeowner is out of luck in that there’s really nothing the scam artist can do for their home loan. What ends up happening is that the homeowner gets absolutely no help with their loan, and they’re out a negotiating fee. The scam artist protects themselves by ordering the homeowner to not talk to anyone from the bank or the lender about their help. Once the homeowner is subjected to this scam, they’re left with a foreclosed home and nothing that they can do to stop it.

Those people who have a home loan that’s approaching delinquency often reach for these people who offer help out of desperation, signing documents that claim will fix the problems with their mortgage, but will just give the home to the scammer; this can be prevented, however, by using reverse-tele-search.com/760/818/ or another such telephone look up service to check these people out.

You can find one of the most popular scams, called ‘credit recovery’ everywhere online recently. This scam states that the company will contact the creditors on your behalf to reduce amount owed and to reduce the monthly payments you will be paying. The person is to pay their monthly payments to the scammer who is, in return, supposed to pay the loan company; but this doesn’t usually happen.

However, far too many people have determined that the ‘credit recovery’ scam involves the scammers just holding on to the money that you paid them, and you still owe the credit companies. Also, your late fees and interest will accumulate, putting you in further trouble with your creditors. For the most part, you can rest assured that a credit card company will work with you in the event you need your terms renegotiated.

If you need assistance with your financial issues, you should take steps to avoid getting scammed. Look out for companies that require you to sign property papers, ask for money up front, and discourage you from getting other forms of help. If this is happening to you, be very suspicious as to their intentions. Everyone wants to try to get out of bad situations, and today’s world is full of them; however, caution should be a priority for those who receive offers from people who promise to take care of their problems.

Visit reverse-tele-search.com/507/927/ if you’d like to find out more about telephone look up services online

Article kindly provided by UberArticles.com

Topics: Computers and Technology | Comments Off

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Article Citation
MLA Style Citation:
Desko, Odesi "Fraud Recovery Scams." Fraud Recovery Scams. 22 Aug. 2010. uberarticles.com. 15 Feb 2015 <http://uberarticles.com/computers-and-technology/fraud-recovery-scams-2/>.

APA Style Citation:
Desko, O (2010, August 22). Fraud Recovery Scams. Retrieved February 15, 2015, from http://uberarticles.com/computers-and-technology/fraud-recovery-scams-2/

Chicago Style Citation:
Desko, Odesi "Fraud Recovery Scams" uberarticles.com. http://uberarticles.com/computers-and-technology/fraud-recovery-scams-2/


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