Reply #20: Are You Missing the Real Estate Boom? [View All]

[54anickel]

http://www.321gold.com/editorials/shedlock/shedlock082305.html

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"With every boom comes two things:

1) Panic fear of "missing out"
2) Rampant fraud"

Let's take a look at No. 2 since No. 1 should be blatantly obvious by now.

The Detroit News reports, "Refinancers Must Beware Foreclosure "Rescuers: Fast-talking predators can quickly get your home for a fraction of what it is really worth":

"You may think kindly toward companies that would offer a hand to debt-ridden homeowners on the brink of foreclosure. Don't. The majority of these so-called foreclosure 'rescuers' are actually predators who offer sinking homeowners what Harvard Law School professor and bankruptcy expert Elizabeth Warren calls 'the cement life jacket.'

"Before you're even aware of it, these scam artists will have acquired your home for a fraction of what it would have brought at sale. Or in an even worse scenario, they will have transferred your title into a trust that then enables them to rent or 'resell' your property to equally hoodwinked buyers while, to your surprise, you remain legally obligated to make the mortgage payments...

"Foreclosure 'rescue' scams fall into three main categories:

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