Foreclosure Rescue Scams And The Law In New York

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Foreclosure rescue scams target homeowners who are desperate. Scammers try to trick people by taking advantage of their fears and the complexity of the laws. They offer “quick solutions” that distressed homeowners want to hear and gain their trust. Usually, the scammers are not lawyers and do not even know the laws. Practicing law without a license is a misdemeanor in New York (a crime) but apparently that does not deter scammers.

Many scammers have started loan modification businesses where they make false promises or illegally take an advance fee and promise or guarantee false results. The old adage applies: if it sounds too good to be true, it probably is. Some scammers try to buy properties by just paying off the arrears. This implicates the Home Equity Theft Prevention Act in New York.
Another law that may apply to scammers is the Foreclosure Prevention and Responsible Lending Act of 2008.

If you are seeking legal advise regarding what to do about a mortgage of financial problem in New York, please call or email me.