Video by: ReutersVideo
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Aug. 30 - Consumer advocates and legal experts are advising homeowners to watch out for scams as foreclosure rates shoot through the roof. One popular scam is the offer to help a troubled homeowner get a new mortgage, and at a closing, trick the homeowner into sign away the deed to the property.
Conway G. Gittens reports from New York

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Comments for this video on YouTube

Yeah and you know ... ( 1 year ago by PeaceGod12)

Yeah and you know who will get the blame for the collapsing economy!! Homeowners not the corrupt institutions ( 5 banks, the same that control all media in the US ) People are getting the shafrt here and no one..not one politician is willing to talk about it, it seems except for Ron Paul...

These scammers make ... ( 1 year ago by boss79)

These scammers make me sick. There are a good number of legitimate investors with access to large sums of cash trying to help these people and they will probably be lumped all together with these scammers.

In debt? Suffering ... ( 1 year ago by Dionysius9)

In debt? Suffering a foreclosure? Work too hard not making ends meet and still wondering why? Discover the secrets why the rich get richer but the rest of us work like slaves. See google video "Money as Debt".

This whole ... ( 9 months ago by lawbeat3)

This whole foreclosure crisis is based on the ignorance of the people. I know people who've educated themselves enough in law to save their homes just by knowing how to address and attack the process used against them in court. It's almost "easy." There was a group on the west coast doing it a ton a year ago, and now there are groups on the east coast doing it...very successfully. No one has to lose their home, EVER...it's a disgusting shame. But this is what happens in an ignorant country.

ALSO BEWARE OF ... ( 9 months ago by dslcobra)

ALSO BEWARE OF SHORT SALES AND "MORTGAGE BROKERS" CLAIMING THEY'LL SIGN YOU OFF THE TITLE. I know an outta work X-subprime mortgage worker who does this now. He signed some people off the title to help them avoid foreclosure USING HIS MOM'S CREDIT (cause his was shitty). Then he shorted the house's equity to pay the mortgage until the homeowners could pay him a rent fee and save money for a buyback. They ended up defaulting on him and he plans to get the bank to evict them.

The banks and ... ( 9 months ago by TinkerBebe)

The banks and credit unions are corrupt. These people will put a family of 5 out on the streets and go out to a $1,000 dinner that same night with their collegues to celebrate. BEWARE!

great post the ... ( 8 months ago by 210realtydotcom)

great post the real estate call center joe garcia of Caballero & Associates Realty

You people think ... ( 8 months ago by guitarbandit7498)

You people think you own your home? People of America don't own shit. Disagree with me? Got any land? How about a car? Maybe even a house... Gotta house you've owned for 40 years, free and clear, no mortgage? Sounds great! No house payment, car payed for. what a life. Now don't pay your property taxes and see how much longer you have them. Fucking government owns EVERYTHING and LEASES out to us poor saps, period. If it were yours you wouldn't still be paying taxes on it. Just my opinion.

guitarbandit7498 I ... ( 8 months ago by star121707)

guitarbandit7498 I WOULD LIKE TO AGREE WITH YOU WE DONT OWN SHIT U HAVE A CAR YOU STILL HAVE TO PAY INSURANCE IT MY CAR SO IF I DONT HAVE IT HERE IN MICHIGAN WE HAVE NO FAULT

You should take ... ( 7 months ago by allanwilliams985)

You should take your 19th century mentality and grow up. I don't what shity country you live in that has no taxes. No one likes paying taxes but its necessary to run the contry efficiently. By the way its not PAYED, its PAID. buttface.

There actually are ... ( 7 months ago by blakefhs)

There actually are good foreclosure help companies out there but they often actually charge less than the scammer types. Also, there is one bad piece of advice in this video. Mortgage companies will always, ALWAYS, say not to work with a 3rd party even though the mortgage company doesn't come up with a solution themselves. The Better Business Bureau website is the best way to check up on these foreclosure help companies. Have they been in business a couple yrs with a flawless record? My 2cents..

As a REALTOR who ... ( 6 months ago by roadpirate50)

As a REALTOR who helps people that are in a foreclosure situation, the first advice I always give is for them to talk to their bank, next, for them to talk to a bankruptcy attorney. Based on the recommedation of the attorney and the loan situation (number of loans, PMI, etc) then, and only then, we can pursue a short sale with the home.

Thanks for ... ( 6 months ago by guitarbandit7498)

Thanks for correcting me on my spelling of PAID. But while you're making a spelling correction why don't you make sure all your words are spelled properly you stupid motherfucker. Like SHITTY, or COUNTRY, you dumb sack of shit. Or maybe you should have stated, "I don't know what" instead of "I don't what," you incoherent son of a bitch. I stated my opinion up here only. I didn't insult anyone. Fuck you very much for correcting my one grammar error. Now go work on the three that you made faggot.

Let me try to ... ( 6 months ago by allanwilliams985)

Let me try to figure out you faggot that what are you doing the AMERICAN website, commenting on something related to American. You shitty (is that how you like it??) people needs to take your fuking shit back whatever shit hole you came out with. By the way I own my home and car free and clear so as other millions of us. So stop feeding on out shit you fuking pig. By the way PAYED was classic and I will use it to show people how stupid UNAMRICANS are your douchebag mother fucker asshole.

Again, be in charge ... ( 6 months ago by mujibatt)

Again, be in charge yourself, if you are in trouble, don't rely on anyone who says they can help for a fee - waste of money that you need - go direct to your lender and sort it out, if in doubt get someone from legal aid to go over documents before you sign, it is that simple!! BE EMPOWERED

Yes that would be ... ( 2 months ago by Freedommortgage)

Yes that would be good advice if there was not a nationwide law that prevents the lender from negotiating with you. You are obviously not in foreclosure! By law if you are 30 to 45 days behind you must have 3rd party representation. This is the only way to get back on track.

No I am not in ... ( 2 months ago by cyrex94)

No I am not in foreclousure thank goodness but the law proctects the borrower too much and no leeway for the lender, just like all the global firms now they have no authority, it is the poor consumer that is going to suffer not to mention the worker on minimum wage, hope you are not in foreclosure not a nice place for anyone to be!!!

I am going to ... ( 2 hours ago by z28com)

I am going to foreclosure and don't care. My house is upside down and it was a starter house anyway. I've sunk $40k of my own money into this house and have nothing but negative equity. They can take this house. I'd be glad to rent an apartment and not have to pay for repairs or waste tons of money on property taxes. I'm so happy the real estate market crashed. Now I can move and rent something affordable in town.