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Recently there have been companies posing as Mortgage Rescue Centers. They claim to be able to assist distressed homeowners, going into foreclosure, by bailing them out.
To the investor that is interested in getting "in" on a piece of the action, one group promised a 50% return on your initial investment within 6 weeks. The woman running the scams in California, Nevada and Georgia collected over $18 million from unknowing people, thinking they were helping others.
Funds were provided to the first investors in, from money collected from the next group of investors. There was actually no help provided to distressed homeowners behind on mortgage payments or going into foreclosure, at all.
The woman behind this extravagant operation used $1.9 million of the money collected for her own wedding, honeymoon and expensive cars.
For additional information you can go to Clark Howard.com
Has anyone else heard of any of these kinds of scams, that we should alert people to?
that for you
how awful a person or company must you be to hurt people who are already down.
Katy, I know, it's incomprehensible what some people will stoop to! Sandy
Goes back to the old saying -- if it sounds too good to be true .... well you know the rest.
You're so right...but I still always wonder, why is it that a certain number of people always seem to fall for it? Is that the same thing that some of the investors and speculators did, that are now going into foreclosure? Did they buy with the promise of making a quick buck by flipping, only to get stuck midstream? Was it the promise of getting rich quick?...Today that has such a fascination for people. When I grew up, I was taught that you work hard, and accumulate wealth over time. What happened to the hard work part of it, today? Sandy