Foreclosure Frauds and Scams

Laws, Codes and Articles for Arizona

1. Arizona Foreclosure Laws
   
   Arizona Foreclosure Laws. Foreclosure Frauds and Scams Laws for Arizona Foreclosure Laws
2. Arizona AG Announces Foreclosure Rescue Fraud Settlement
   
   Attorney General Terry Goddard today announced a settlement with Harvest Properties Inc. of Tucson, resolving a consumer fraud lawsuit that alleged foreclosure rescue fraud and mortgage fraud by the company and its owners. Phony “mortgage rescue” and “home foreclosure prevention” schemes are a rapidly growing problem in Arizona. Desperate homeowners who have fallen behind on their mortgage payments and are on the verge of foreclosure may turn to these companies hoping to prevent the loss of their home. Be very careful. These schemes are designed to take your home and steal any equity you have built up.

Phony “mortgage rescue” and “home foreclosure prevention”

schemes are a rapidly growing problem in Arizona. Desperate

homeowners who have fallen behind on their mortgage payments

and are on the verge of foreclosure may turn to these companies

hoping to prevent the loss of their home. Be very careful. These

schemes are designed to take your home and steal any equity you

have built up.

In one common foreclosure prevention scheme, the “rescue

company” will lend the homeowner money (at high interest rates)

to make back-payments owed to the mortgage lender. The

homeowner must agree to make monthly payments to the rescue

company that includes the original mortgage payment, plus a

payment on the new loan. The homeowner also will be required

to sign a deed transferring the property to the rescue company.

The homeowner ends up renting their former home. If the homeowner

fails to make rent payments on time, the rescue company

evicts the former homeowner. All rights and equity in the home

have been lost.

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