foreclosure has fueled scam artists

The rise in homeowners facing foreclosure has fueled an increase in the number of scam artists trying to make a buck off of their misfortune, according to the National Foundation for Credit Counseling.
These scam artists usually promise to help people stay in their homes. But those offering the bogus foreclosure rescues are the ones who end up ahead, by generating a quick profit for themselves or stripping away the value of the home, the foundation said in a news release.
"Scam artists can evict a family from their own home and then sell it on the open market before the homeowner has any idea of what is going on," said Gail Cunningham, spokeswoman for the foundation. The NFCC's Homeowner Crisis Resource Center Web site has a page dedicated to educating people on how to recognize and stay away from such scams. Visit the site.
But Freddie Mac took a different approach to getting the message across. It posted a two-minute YouTube video that demonstrates how these con artists can dupe unsuspecting, distressed homeowners. View the Freddie Mac video.