How You Can Live In A Foreclosure Without Knowing About It
How the scam works:
You've been renting a house for a few months now and have finally unpacked everything. One day, you come home and find new locks on the door. "That's odd", you contemplate and try contacting the landlord with no success.
As you are walking around to the front of the property, there's a sign on the front of the house that says the property is in the beginning stages of foreclosure. After doing some research, you discover that the house you are living in dropped drastically in price within the last year.
What happened was the owner decided the investment wasn't worth it and stopped making the payments; at the same time finding a way to make some money off the property – looking for someone that was willing to pay rent in advance for 6 or 12 months. You are that victim. The landlord took off as soon as you paid.
How to avoid the Renting a Forclosure scam:
Whenever you rent, always make sure the mortgage is up to date, and the payments are actually made on time. This may be an awkward conversation, but in the long run, you'll be much better off.
How to report the Renting a Forclosure scam:
Make your family and friends aware of this scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:
How to protect yourself more:
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.
Related Articles and Pages: