Advisory Issued On Mortgage, Florida Foreclosure Scams
TALLAHASSEE, FL
– Attorney General Bill McCollum has issued a consumer advisory on
mortgage fraud and foreclosure-related scams. Noting that Florida now
ranks first in the nation for the number of home foreclosures, the
Attorney General encouraged Floridians to educate themselves about the
various types of mortgage fraud and learn about the foreclosure process
to protect themselves from becoming potential victims. “As
we see the number of foreclosures continue to increase, we have
unfortunately also seen the number of mortgage-related scams grow and
threaten more Floridians,” said Attorney General McCollum. “We will
continue to fight these fraudulent operations with every resource we
have available to us, whether it is litigation, consumer education, or
legislation with the help of our leaders in the Florida Legislature.”
Earlier this week, the Attorney General filed a lawsuit against three Broward County companies and their owners for their alleged roles in a foreclosure
rescue scheme. The deceptive operation defrauded numerous homeowners in
the foreclosure process out of hundreds of thousands of dollars in home
equity. Other companies have been sued for similar behavior by the
Attorney General’s Mortgage Fraud Task Force.
In addition to filing lawsuits to protect Florida
homeowners from unscrupulous business practices, the Attorney General
is supporting the Foreclosure Fraud Prevention Act, which passed
unanimously in the House yesterday. The proposed legislation will
ensure that, among other things, homeowners are properly informed about
their rights when they are signing a contract with a foreclosure rescue
entity. It will also provide a three-day right of cancellation period
that allows the consumer to cancel the agreement with the foreclosure
rescuer and makes violations of this act unfair and deceptive trade
practices subject to the penalties included in Chapter 501, Florida
Statutes. The legislation is being sponsored by Sen. Mike Fasano (R—New
Port Richey) and Rep. Clay Ford (R—Gulf Breeze).
The Attorney General has also
cautioned senior citizens about scams associated with reverse
mortgages, a type of home equity loan frequently abused by con artists
and scammers. These loans are often popular options for senior citizens
because they offer a cash source which can help meet unexpected medical
expenses, supplement social security and more.
More information about reverse mortgages is available at http://www.HUD.gov.
Additional information about avoiding mortgage foreclosures and
identifying common scams is available on the Attorney General’s
website, http://myfloridalegal.com.
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Reverse Mortgage Local Focus: San Diego, California
The principle behind reverse mortgage is practically the same all over the world. There are however, slight variations in miscellaneous details per country, per state and even per county. A good example of variation would be the interest rates as mandated by law per country. There may also be additional charges given off by different states and counties. So if you are indeed looking for a lending establishment that can afford you loans regarding reverse mortgages, it would be best if you could look into those aforementioned establishments within the city or county where your house is located. You house is the integral part to this equation, because you are actually trying to get a loan using your home equity.
Now in San Diego, the domiciles that can be used as collateral for reverse mortgages can be a condo unit, a single-family house, a townhouse unit and even home units in planned urban living developments. In special cases, even leasehold properties and a few properties held under a trust’s name are also
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