Freddie Mac: Don't Let Fraudsters Steal Your Home

By consumeristcarey December 16, 2007

Con artists use publicly available foreclosure notices to find victims for their equity stripping scams. Rather than toss out a press release warning consumers, Freddie Mac produced this YouTube video after exhaustive research showed that most foreclosure notice recipients use the internet to research their situation before calling their lender. Equity strippers convince delinquent borrowers to sign the over the deeds to their homes in exchange for miraculous salvation. The con artists then take out and pocket a new loan for the full market value of the house. Avoid equity stripping scams by dealing exclusively with your lender.

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Comments

  1. laserjobs says:
    December 16, 2007 at 5:05 pm

    I love Freddy Mac’s slogan “We make home possible”, it should be changed to “We crank up home prices and lock you into debt slavery”.

    Notice the first point is to call your lender? The whole PR campaign right now is to get homeowners to call their lender to get a workout if your underwater.

    Salvery never died, it just morphed to debt servatude. If you are underwater on your home, hand in the keys to the bank and make it their problem.

  2. reykjavik says:
    December 16, 2007 at 5:24 pm

    Yeah! Only the banks should be allowed to screw you over and make you their bitch!! If anyone else did that….well….it would just be plain unfair!

  3. Tank says:
    December 16, 2007 at 6:08 pm

    i was looking for a new way to make a quick buck, thanks freddie mac (for the tip!)

  4. SacraBos says:
    December 16, 2007 at 7:06 pm

    To their credit, you may be a Freddy Mac Bitch for calling your lender, but at least your a Freddy Mac Bitch with a home. Read the article, and see what these scammers are doing. You are Quit Claim deeding your home to them – which means you no longer own it. And you’re still toting the original note that you still are obligated to pay, while you get kicked to the streets.

    It’s better to work with the lender. You are more likely to be able to save your home, since they’d rather get payments than a deed to a home they maybe be unable to unload. If all else fails, give the bank the keys and walk – and you’ll still be better off than if you had gotten scammed.

  5. goodkitty says:
    December 17, 2007 at 2:09 am

    Unless of course your lender is Wells Fargo, in which case they’ll just foreclose on your house before they even bother to sign the ownership paperwork.

  6. consumerd says:
    May 12, 2008 at 5:34 pm

    I will give credit to Freddie Mac for making an informative video. That tells me what to look for and what to avoid now, if I ever end up in foreclosure.

    Least it explains what can happen.