Authorities have been seeing more mortgage elimination scams recently. Con artists are targeting Latinos whose homes are in foreclosure, asking victims to pay a processing fee of $1,000 to $3,000. The victims are told they can get a new mortgage for 25 percent of what their current mortgage is. The criminals file a new conveyance, claiming that the loan has been paid off. Of course, the legal lender continues with its foreclosure proceedings and the borrower loses his or her home along with the fees.
Source: The Modesto Bee
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