Arizona Foreclosure Scams on the Rise

Wednesday May 20, 2009

According to a report, which was delivered by Arizona’s Attorney General, Terry Goddard, the rate of foreclosure rescue scams has jumped to 30 percent statewide in the past few months. Because more and more individuals and families are in danger of losing their homes, many have become overly worried and susceptible to attack from scammers who wish to prey on helpless homeowners.

Goddard said that many different firms are contacting those homeowners who are on the verge of foreclosure and offering to help them with their bills. However, instead of offering assistance, the scammers take all of the money that the homeowner has. The latest trend has been to use loan modifications- or promises to reduce loans by cutting interest rates through at third-party. Many homeowners are so desperate for a solution, that they will try anything.

This occurrence is not only happening in Arizona, it has become a trend across the United States. Those individuals who are facing foreclosure are warned to be cautious of the scammers and aware of their tricks. Always seek professional banking or financial advice before signing up for something that seems to be “too good to be true.”