Foreclosure Victims Should Know about Financial Scams
Posted on June 17, 2009
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It is essential that foreclosure victims should know about financial scams and not become a prey to vultures again.
Those who attack the weak and vulnerable are animals in human shape. The foreclosures climate with its vanished savings accounts, rising tide offoreclosure for sale, unemployment and recession has created the happy hunting ground for vultures who take the pickings from the leftovers of the jumbo lenders and financiers. These jackals may lack the sophistication of the likes of Bernard Madoff but their purposes are the same.
It is urgent to learn that never again should one venture into schemes that promises quick riches. Desperate deals should be refused, personal financial details should be kept a well guarded secret and final decisions should not be made without thorough research.
Fred Joseph of North American Securities Administrators Associations and also commissioner of Colorado Securities said, “Fraudsters always follow the headlines. Last year high oil prices led to unregistered oil and gas drilling contracts coming out of the woodwork, while in 2009 high gold prices have resulted in the first gold-mining scams since the 1990s.” These types of partnership deeds on mining and drilling ventures are usually nothing but paper for in reality nothing exists.
It has been noted that investment scams have gone up by 20%. The promises made in 2009 seem too good to be true because they are not true. Joseph explained, “They don’t even have to offer a 50 percent return. With a certificate of deposit paying 2 percent, just offering 10 percent is enough to get people really excited these days.”
Many of these plans are known as ponzi-schemes – they vanish as soon as the investors want redemption. Thus one should think twice before jumping into investment deals. Whenever anybody presses a proposal it means a red danger signal and one should pause and think.
It is better not to panic about debts because that gets one nowhere. Complaints regarding consolidation of debts shot up by 19% in 2008 according to the findings of Better Business Bureau. Since then things have not taken a turn for the better. Claire Rosenzweig the CEO and president of the bureau said, “Beware of credit repair scams in which you’re told, ‘Pay our fee and we’ll get rid of your bad credit. No one can get rid of your bad credit, and you’ll wind up losing the money you paid and still have the bad credit.”
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