(Source: Fox Business By Polyana da Costa) – The sagging economy and sluggish housing market create the perfect environment for mortgage scams, with desperate homeowners as easy prey for scammers.The crooks say what you want to hear. They make the deal sound attractive and legit. You are suspicious at first, but somewhere along the way, you give them money or sign documents you were not supposed to sign. Soon, you realize you’ve been scammed.

Thousands of homeowners are duped in mortgage scams each year, and con artists don’t have to look far for victims, says Yolanda McGill, senior counsel for the Fair Housing & Fair Lending Project, an initiative by the Lawyers’ Committee for Civil Rights Under Law in Washington, D.C.

Source: Fox Business By Polyana da Costa

Published August 09, 2011

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