When tough financial times strike, many individuals do not know where to turn for help. The inability to pay bills, especially mortgage payments and other very important debts is often a source of panic and frustration. Occasionally, people may be so desperate for help that they may turn to unreliable or poorly-researched agencies for financial assistance, and may find themselves the unwitting victims of financial scams like bankruptcy scams.
A common bankruptcy scam is called the foreclosure-bankruptcy scam. It mainly targets people who are having difficulty making their monthly mortgage payments and are unable to re-finance their home loan through traditional methods like banks and other financial agencies. In their desperation to relieve the financial burden, homeowners may be taken in by scam operators advertising help with home-loan refinancing.
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Many of these scam operators have no ability to truly help reduce the homeowner's monthly payments, and in many cases never make any attempt to re-negotiate the terms of the loan. Instead, they often tell the homeowner they have successfully reduced their payments, but require payment to be made to the scam operation instead of the bank. In some cases, the scam operators have even been able to convince the homeowners to sign over the deeds to their homes.
The scam often works because people are used to submitting valuable personal information on financial paperwork, often including their full names, social security numbers, addresses, and salaries, all of which are vital pieces of information that can be used by scam operators to conduct illegal business in the victim's name. If a scam operator has access to vital information, he or she may be able to authorize many things in the victim's name...including file for bankruptcy.
The foreclosure-bankruptcy scam is often stretched for long periods of time without the homeowner ever becoming aware of the con that he or she has fallen for. As the delinquent payments add up, the bank may move to foreclose on the home. The scam operator can extend the scam by filing for bankruptcy in the victim's name, thus prolonging the con for an extended period of time, until the bankruptcy proceeding is over and the bank moves for foreclosure.
Unfortunately, many victims of this scam find that the scam operators have taken significant amounts of money, ruined their credit, filed for bankruptcy without approval, and lost their home. It is important to only consult responsible financial agencies that you can trust, and to thoroughly research any company that you are going to trust to handle your money and personal information. If you are facing a dire financial situation and are considering filing for bankruptcy, visit the website of the Austin bankruptcy attorneys of Slater Kennon & Jameson, LLP.
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