Scam to Stop Foreclosures Exposed

Last May 2005, King 5 Investigators, using an undercover camera, watched as two men tried convincing Toni Nielsen that they could help stop foreclosure problems. The men claimed to be able to stop house foreclosure if the woman was willing to sell her house to them. The process would be complex, but worth it as the men promised that she would be able to rent her home for the meantime and buy her house back later on. It would be a welcome alternative to losing the house for good.

In desperation to help save their homes, troubled homeowners like Nielsen would fall for schemes like this.

Just recently, Washington resident Karen Handlin almost fell for the same plot by a company named Alternative Invertors which also claimed to be able to rescue homeowners from mortgage problems and stop home foreclosures. Later, Handlin and her family would get a notice of eviction from their home of 35 years after failing to make rent payments.

Handlin has now filed a landmark foreclosure lawsuit, and has temporarily won her home back. Defendant Michelle Merceri has agreed to hold off the eviction while the case goes through court.

Handlin says that she feels cheated, deceived and stupid for falling for the scheme. Meanwhile, Merceri is presently comfortable in a $4 million mansion in Hunt's point, very near to where the richest man in the area lives.

There are many alleged foreclosure rescues which merely victimize homeowners by using the same strategy of promising to stop foreclosures. Usually, the so-called rescuers would offer to buy a homeowner's home at a bargain price. Later on, the homeowner would just get a shock after receiving the eviction notice. The company would then sell the bank owned house at a bigger price.

Homeowners have to beware of these scams to stop home foreclosures. Some companies have taken advantage of the housing market crisis, while homeowners who are unable to pay their mortgage suffer.

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