William H. Oliver, Jr. & Associates
Call today for a free consultation
Local 732-988-1500


Watch out for these 2 foreclosure scams

If your home is in the throes of a foreclosure, or even if your home is at risk to be foreclosed on, you could draw the attention of a less-than-scrupulous foreclosure-related company. Many of these fraudulent companies refer to themselves as "foreclosure consultants" and "foreclosure specialists."

If a foreclosure consultant or foreclosure specialist is contacting you about your pending foreclosure proceedings, beware. Make sure you thoroughly check out the company before working with them as there's a good chance that it's a scam.

Here are 2 common foreclosure scams to watch out for

Every foreclosure scammer is different, but most of them employ the same dishonest tactics again and again. Here are two scams that you'll definitely want to avoid:

Equity skimming: Equity skimmers operate by pretending that they want to buy your property. You might even be paired with such a skimmer by your so-called "foreclosure specialist." This person will convince you to sign over the deed of your home to him or her after paying you a reduced amount for the home. Then, he or she will promise to continue paying off the mortgage. The problem is, the skimmer won't pay the mortgage, which you'll still be responsible for. Instead, the skimmer will rent the property and get as much rent money as possible while the bank forecloses on the home. Alternatively, the skimmer will flip the property, sell it to pay off the debt and keep the equity.

Equity stripping: With equity stripping, dishonest mortgage lenders will offer you a loan in spite of your problematic financial condition. The lender will convince you to lie about your income on the forms to gain approval. The problem is, you won't be able to afford the monthly payments on the loan. As soon as you default on the mortgage, the lender will foreclose on the property and take whatever equity you had.

Are you ready to fight your foreclosure the right way?

Depending on your situation, you may have various options at your disposal to fight against your foreclosure. One of these options could be the bankruptcy process. In fact, with bankruptcy, you might be able to resolve all the foreclosure woes that are causing problems for you and your family.

No Comments

Leave a comment
Comment Information

Get A Free Lawyer Consultation

With offices in Toms River and Neptune, attorney William H. Oliver is ready to answer your questions and help you find the right debt relief solution. Evening and Saturday appointments are available. Call local: 732-988-1500 or fill out our contact form.

Email Us For a Response

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Toms River Office
609 Main Street
Toms River, NJ 08753

Fax: 732-775-7404
Toms River Law Office Map

Neptune Office
2240 State Route 33
Neptune, NJ 07753

Phone: 732-341-1550
Fax: 732-775-7404
Neptune Law Office Map

visa, master card, american express, discover network