Ohio homeowners who face the specter of foreclosure may, in desperation, turn to any party that claims they can get the property owner out of their financial jam and save the owner’s home. Unfortunately, what could happen instead is that your deed ends up in the hand of the scammer and you end up out in the street. In many cases, homeowners willingly sign over their deeds for the promise of a foreclosure rescue that never comes.
According to the Ohio Department of Commerce, scammers may pull a number of tricks to get you to sign over the deed to your house. These tactics involve differing levels of deception, but the end result is always to the detriment of the homeowner. Such schemes may include the following:
In exchange for you signing the deed to your home to the scammer, the scamming party promises to let you stay in the home as a renter. In time, you may be able to buy the house back from the scammer once the foreclosure process is concluded. But the scammer, now in possession of your home, may intentionally make it too burdensome for you to ever buy back your home. The malicious party might also decide to boost your rent beyond your ability to pay so you can be evicted.
A “foreclosure rescue” agency offers a deal. If you sign over your home to the agency, the agency will sell your home for you and provide you with part of the profit. However, it is more likely that the scamming party will walk off with the proceeds and you end up on the hook for the foreclosure anyway.
Scammers may try to get you to sign on the dotted line quickly. However, odds are if that if a party claiming to be a foreclosure rescue organization is rushing your signature on supposed mortgage update papers, in reality you might be signing over your house to them. You could end up without a home and still culpable for the mortgage.
Foreclosure scammers know that you are fearful of losing of your home and will offer you a deal that seems too good to be true. Unfortunately, such deals usually are. Keep an eye out for these scammers and consider consulting with knowledgeable foreclosure attorneys and experts to steer clear of malicious parties.
Be aware that while this article is written for educational purposes on foreclosure defense topics, it does not offer readers any legal advice.