A foreclosure rescue scheme is a scam that targets those whose house is facing potential foreclosure. The scheme preys on desperate homeowners whose mortgages are in default by offering to prevent the foreclosure.[1][2] There are various ways in which foreclosure rescue schemes work, causing different types of harm to the homeowners, but all ultimately with the likely end result of the owner being forced out of their home and losing even more money.
Foreclosure rescue schemes are typically advertised in a variety of informal settings, such as roadside signs.
- ^ "The Foreclosure "Rescue" Racket". Businessweek. Archived from the original on June 17, 2007.
- ^ Mullins, Luke (August 7, 2008). "How to Avoid 'Foreclosure Rescue Scams'". U.S. News & World Report.