Watch Out for These Foreclosure Scams

In this time of high home foreclosure rates, the growing sector of foreclosure-rescue companies is rife with scam artists, say experts.

Foreclosure-rescue scams usually revolve around heavily promoted deals supposedly designed to save the homes of people who have fallen behind on their mortgage payments and are facing foreclosure. The scam artists proclaim to "save your home" or "pay your mortgage," but in reality they only generate a quick profit for themselves while possibly stripping away the value of the home with no benefit to the owner.

"Scam artists can evict a family from their own home and then sell it on the open market before the homeowner has any idea of what is going on," says Gail Cunningham, spokesperson for the National Foundation for Credit Counseling. ...