California Foreclosure Rescue, Equity Stripping Warning, Consultant Jailed

In California, an Associated Press appears in the Ventura County Star that warns:

• "The potential for real estate fraud has soared, driven by a surge in default notices sent to thousands of struggling California homeowners during the past several months."

• "Real estate scams prey on the trust of people in desperate situations. These so-called foreclosure consultants make false promises, giving homeowners the impression that they can improve their credit or pay off their properties in full, with the intent to swindle homeowners out of large amounts of money or, in some cases, their homes."

For more, including the story of an equity stripping victim who lost her home and equity to a forecloure rescue "consultant" (who has since been sentenced to three years and eight months in prison), see:

• Potential for real estate fraud grows as more homeowners face foreclosure (Mortgage help can come with a catch).
• Go here for Video - Foreclosure Rescue / Mortgage Fraud Warning.

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