What is a common foreclosure scam?

The Deed Transfer Scheme is a prevalent foreclosure scam that exploits vulnerable homeowners facing financial difficulties. In this scheme, con artists deceive homeowners into transferring their property deed to them, often under the guise of helping the homeowner manage their financial challenges. They might promise minimal payments or the idea that this transfer will somehow protect the homeowner from foreclosure. However, once the deed is transferred, the con artists gain control of the property, leaving the original homeowner without their home and often with no legal recourse to reclaim it.

This scheme is particularly dangerous because it preys on the emotional and financial stress that homeowners may be experiencing. By using manipulation and misrepresentation, these scammers can convince individuals who are already in a vulnerable position to make grave mistakes regarding their property ownership. Thus, understanding the mechanics of the Deed Transfer Scheme is vital for homeowners to recognize and avoid falling victim to such fraud.