Palm Beach Real Estate and Loans

Its unfortunate, but some real estate owners are not only facing foreclosure, they are also being preyed upon by companies offering BS ˜foreclosure rescue".

A recent update from the Florida Association of Realtors stated the following:

˜The meteoric rise in foreclosures has spawned a number of foreclosure rescue scams. So-called 'foreclosure rescue' companies charge an upfront fee, usually $1,000 or more, to solve a homeowners foreclosure problems, and then does little or nothing, pocketing the money."

This stuff never ceases to amaze me - people see a way to make a dishonest buck and they jump all over it.

A Bill (HB 643) was introduced by Representative Clay Ford (R - Pensacola) that will require:

˜foreclosure rescue companies to enter into a written contract with consumers that spells out services provided, payment terms and total charges, and provides a three-day right of cancellation period. The bill also bans foreclosure consultants from demanding payment before promised services are delivered."

(The Bill does need to be approved by Govenor Crist)

People that are facing foreclosure are already under a great deal of stress and the promise of an easy out can be tempting - which is exactly what the predators look for.

This brings me back to the old 'If it sounds too good to be true....'

Always make sure you know EXACTLY what is being offered and never, EVER, pre-pay for this type of service.