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January 15th, 2009

Most Popular Scams at the Moment

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Yesterday, Clark Howard listed several scams consumers should be particularly aware of at the moment. It should come as no surprise that economic downturns provide scammers with new and ample opportunities to take advantage of consumers trying to turn their luck around:

Foreclosure scams: A relatively new scheme, foreclosure scams originated as a result of the housing crisis. Beware of bogus agencies that promise they can keep you in your home.

We warned readers back in June of the different forms of foreclosures scams. “For anywhere from $1,000 to $2,500 upfront, mortgage-rescue companies offer to renegotiate the terms of your home loan to lower your monthly payments…Scammers sift through public records seeking those in danger of foreclosures, and bombard them with phone calls and official-looking mail.”

Credit-clean-up scams: “This old standard has been particularly hot since September. You’ve seen the offers from companies that promise to remove debts from your record for an upfront fee. Know that the money would be better used to pay your debt down,” warns Howard.

Get-rich-quick scams: Con artists will always pry on the American desire to get rich quick. “There’s a natural human tendency to look for easy, instant answers during desperate times,” says Howard. “You got into debt step-by-step and that’s exactly how you need to get out of it.”

Click here to read Clark Howard’s entire list of hot scams at the moment.

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4 Responses to “Most Popular Scams at the Moment”

  1. Forex Grid Says: January 15th, 2009 at 9:27 am

    >> You got into debt step-by-step and that’s exactly how you need to get out of it.

    Fully agree

  2. john Says: March 4th, 2009 at 4:58 pm

    all these scams are coming out now since the market is going down. when the market was booming they were fine and collecting money. The market goes down and these people needed their money its not there.

    forex forum discussion

  3. Tim Manni Says: March 6th, 2009 at 12:21 pm

    John,
    I completely agree — when the market tanks, the scams seems to rise. Not exactly rocket science right?

    Thanks for your comment, hope to hear from you again soon,
    Tim

  4. forex forum Says: March 17th, 2009 at 12:31 am

    Foreclosure scams are so sad. people are trying to save their house and they do this.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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