Top Scams of 2008

Top Scams of 2008: "10. Mortgage Foreclosure Rescue Scams
Mortgage foreclosures in Wisconsin are on the rise – up 18 percent from August to September 2008, and up 13 percent from September 2007. And, since troubled properties are public record and easily accessible to the public, mortgage “rescue” scams are on the rise, too. These scams play out in one of two ways: the homeowner pays a large, upfront fee to the rescue company to work with his lender to renegotiate the mortgage, but the rescue company takes the money and is never seen again. Or, the rescue company takes advantage of the homeowner by buying the house below market value, and rents the property back to the homeowner at the same price (or higher) as the homeowner’s original mortgage. In either scenario, the homeowner has not only lost his house, but also loses the money he paid upfront – money which would have been better spent if he’d applied it to his mortgage."
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Nasty. But a person would have to be a bit gullible to fall for either of these, it seems to me.