San Diego police arrested four people related to a gigantic foreclosure scam that tricked 400 home owners into paying rents and fees to a San Diego based group. The scam was based on a false foreclosure rescue plan where home owners would pay a fee to the company with the promise of help on getting their homes back, but the company did nothing to prevent the foreclosures.
The mortgage crisis is becoming more and more of a business to scammers. People facing the threat of losing their homes are more vulnerable than the average and that’s why so many scammers succeed. As the crisis grow the mortgage fraud has been rising with it, and it is becoming a rising concern for law enforcement. The schemes discovered so far would either promise investors with easy money, or promise help to homeowners facing foreclosure, but other schemes are emerging. Special Agent Keith Slotter from The FBI said that this should be seen as a warning and people should be aware of the schemes to avoid getting caught by false promises.
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