If you're facing foreclosure, you're probably already in a desperate situation. Scam artists prey on people who feel as though they are running out of options, which is why foreclosure rescue scams proliferated in the aftermath of the 2008 Financial Crisis. While that crisis has largely abated, foreclosure rescue scams nonetheless continue. Being able to spot such scams is important in order to protect not just your home, but your family's financial well-being. Here are three ways to spot a foreclosure rescue scam.
Indymac Bank, FSB v. Kesselman et al., No. A-4830-10T4, (N.J. Super. App. April 4 2012) is a case which examines the difficult issue of establishing a defense to foreclosure. Due to the massive volume of foreclosure cases in recent years, many states have set-up programs for mediation which attempt to prevent evictions. These programs have a lofty goal of keeping people in their homes, and should be lauded. What happens then, when the program is unsuccessful?
Onewest Bank, FSB v. Follman, No. A-3279-10T4, (N.J. Super. April 3, 2012) is a case where a homeowner who was defending foreclosure attempted to have a default judgment vacated. This case is notable for the ...
Wells Fargo Bank NA v. Lupori, 8 A.3d 919 (Pa. Super. 2010) is aPennsylvania case which analyzes who has the right to foreclose on a mortgaged property. This issue has become increasingly important given the housing crisis over the past ...
In January 2006, 103,540 properties nationwide entered some stage of foreclosure. This was a 27% increase from the month prior and a 45% increase from January 2005. By end-year 2007, over 1% of all homes nationwide will be in foreclosure with 2.5% of foreclosures nationally involving properties valued in excess of $750,000.
In stark contrast to the recent drop in interest rates is the rise in Pennsylvania mortgage foreclosures, especially in Philadelphia. While attributable to Pennsylvania having one of the largest populations of homeowners, the amount of foreclosures is also likely related to the growing availability of non-conventional mortgage loans (i.e., 3-7 year Adjustable Rate, Interest Only, Reverse, and 103%) to consumers who ordinarily would not able to afford their current residence. Predicated on a belief that one's income will rise and rates will stay at record lows, these new loan products may give rise to foreclosure when that optimism clashes with unanticipated reality.
In response to the national and in particular the City's foreclosure crisis, the Philadelphia Sheriff, John Green, cancelled the April, 2008 Sheriff's foreclosure Sale. On the heels of that moratorium, President Judge Jones of the Court of Common Pleas sua sponte ordered a stay of the May, 2008 sale announcing the Residential Mortgage Foreclosure Diversion Pilot Program as Joint General Court Regulation number 2008-01.