As the number of foreclosures increase in the U.S. Housing Market, so does the opportunity for foreclosure rescue scams. If you find yourself in the precarious position of facing an imminent foreclosure proceeding you should be on the lookout for these scams. The worst thing you could do to yourself is to fall victim to a scam. How do I know if I am being scammed, you might ask. The purpose of this article is to paint a picture of how it might look if you were approached by a scammer.

What is a foreclosure rescue scam?

The first thing you need to know about spotting a scam is to know what a scam is. A foreclosure scam consists of a couple of things: you , your home, and someone approaching you either in person or via mail who wants to help you. This other person is someone who wants to offer their services to get you out of foreclosure to save your home.

However, what can end up happening is that you can lose your equity if you have any to begin with. You can also end up paying a lot of money for no forwarding action that results in getting your situation cleared up. Another outcome might be that you totally lose your house to the person "helping" you and be forced to move out. And finally, you can end up with little or no time to really make a difference with your mortgage company once you find out that you have been scammed.

How Do I Know If I Am Being Scammed

Imagine this scenario. You have gotten behind on your mortgage payment by a couple of months. You get a letter in the mail from your lender that informs you that they have started foreclosure proceedings. Shortly after that, you get a phone call, or someone even knocks on your front door, or a letter in the mail from a rescuer. The rescuer offers to stop your foreclosure with one phone call, they offer to buy your home, and they might tell you that you have options, or they might offer to get you some money to catch up your debt. They might even ask you to sign over your deed. The rescuer seems a little hurried or insistent to get you to meet with them because of your situation and that there is no time to waste; they are trying to show you that they care.

Let's take the case that you decide to meet with them. In the first meeting with them they promise things like "a new beginning", a "chance to start over", or a "fresh start". You might begin to feel relieved already because you need to hear something positive about your situation. The rescuer might even give you some testimonials from folks that they supposedly have already helped. True as they might be, consider that foreclosure bailout programs don't work for everyone and why your situation.

During the initial stages of working with rescuer, they might tell you to stop talking to any lawyers, or the mortgage company to allow the rescuer to take over the negotiations etc. While this might seem like a relief to you, what you do not realize is that it sends the wrong message to your lender. It sends the message that you done trying to work things out; it will probably end up in cutting off your ability to refinance or work out a forbearance plan with the lender. It also shortens the time that you do have to save your home.

If you are a victim to a foreclosure rescue scam, eventually you will notice that you are not getting anywhere using the rescuer. By the time you realize it, it will probably be too late for you to do anything about it. You will either lose your home to the rescuer, depending on what type of scam it is, or you will lose your home to a foreclosure process. In either case you will most likely be out a substantial amount of money and equity.

To find more information about Foreclosure Rescue Scams go to GetPreQualified.com

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Foreclosure Victims Helping Foreclosure Victims
A number of the homeowners that we talk to everyday are motivated by two main goals. The first, obviously, is to save their home from foreclosure, avoid potential scams, and get their financial lives back to normal. Teaching homeowners how to do each of these is the main purpose of our website, ... more...

Master The Mechanics Of Foreclosure - The Key To Being Effective In Pre-Foreclosure Investing
To confidently compete in the pre-foreclosure arena, every investor must master the mechanics of foreclosure. The events of foreclosure, the timeframes, the disposition of the proceeds of sale, and the effects of the sale ? these are all important landmarks in navigating through the foreclosure ... more...

Summary Of Vermont State Foreclosure Law
There are four different type of foreclosure are followed in Vermont. Strict foreclosure Power of sale foreclosure Judicial foreclosure Non-Judicial foreclosure What is the processing period for foreclosure in Vermont? Processing period is normally 210 days (Approximately 7 months) in Vermont. Is ... more...

Home Forclosure Help
9 tips for home foreclosure help Here outlined for you are nine things you can do if you want or need home foreclosure help. Home Foreclosure Help Tip #1. Make sure you have in place a Home Equity Line of Credit. For this home foreclosure help tip remember that if something comes up forcing you to ... more...