April 13, 2009

Mortgage Debt Elimination Scams on the Rise

With the economy in the tank, scammers are on the rise and are targeting people who are in dire financial situations. Mortgage scams are reportedly up almost 400 percent from five years ago. The FBI advises that borrowers who are behind in their mortgages and having financial troubles to be mindful of the following:
• Be aware of e-mails or web-based advertisement that promote the elimination of mortgage loans and credit card and other debts while requesting an up-front fee to prepare documents to satisfy the debt. The documents are typically entitled Declaration of Voidance, Bond for Discharge of Debt, Bill of Exchange, Due Bill, Redemption Certificate, or other similar variations. These documents do not achieve what they claim.
• Remember, there is no magic cure-all to relieve you of debts you have incurred.
• Borrowers may end up paying thousands of dollars in fees without the elimination or reduction of any debt.