Foreclosure rescue scam could cost you

Foreclosure rescue scam could cost you

By Herb Weisbaum

It's estimated that as many as a million people across the country could lose their homes this year.

Luckily, the housing market is better in the Puget Sound area. But even here, some people are facing foreclosure.

And so-called foreclosure rescue companies are there to help -- for a fee.

"We're seeing some unethical companies seeing their chance to step in and make some money off of these troubled homeowners," says Karen Malven, President of the BBB in Clearwater, Florida a part of the country where many of these rescue companies are located.

They promise to keep you in your home - "GUARANTEED!" Pay the fee -- usually around $1,200 -- and there's a good chance you may never hear from them again.

"And there are many people out there that are losing an awful lot of money and their houses through these unethical foreclosure rescue operations," Malven says.

So how do you protect yourself? Never trust anyone who contacts you, unsolicited and promises to help you avoid foreclosure. Never!

If you find yourself falling behind in your monthly mortgage payments, contact your lender and talk to a HUD-certified housing counselor.

For More Information:

Read Herb's MSNBC story: BBB warns of shady foreclosure rescue firms
This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

KOMO Weather

Icon
Current Temp 49 °F
Overcast
Wind : Calm
Humidity : 74 %
Pressure : 30.12" (1020.7 mb)
More Weather

Traffic

KOMO News Alerts

KOMO News Alerts

Get news alerts delivered to your e-mail or desktop.

Watch ABC Shows

Watch ABC Shows

Watch ABC shows and news online, free!

Video

Video

The latest news video from KOMO.

Mobile

Mobile

KOMO News on the go for your cell phone or PDA.

Podcasts

Podcasts

The latest news and features from KOMO.

Listen Live

Listen Live

Listen to KOMO Radio anytime online.

RSS Feeds

RSS Feeds

Get news and updates as soon as they're published.