Saturday, October 01, 2005

Scams Target Poorer Homeowners In Virginia

The Times Dispatch examines steps to fight foreclosure scams in Virginia. "Starting on a street corner in Highland Park, a small group mobilized to rid Richmond neighborhoods of illegally posted signs that read 'We buy houses' and 'Stop foreclosure.'"

"'What I want you to do today is treat it like a treasure hunt, because each sign could save a family from foreclosure,' HOME's marketing director Mike Burnette, instructed those gathered. HOME representatives said individuals and companies behind some illegal signs promising to bail homeowners out of foreclosure end up tricking them into giving up their homes."

"Paula Sherman, lending protection coordinator for HOME, said, 'We tell people that when you see these signs, you really need to investigate. Most homeowners, when they are in a desperate situation, will pretty much take the first offer to keep the home.'"

"The group focused on areas with frequent foreclosures, where some residents 'have fewer sources of mainstream credit,' said Susan Scovill."


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