According to an article in the Star-Telegram, Consumer protection agencies nationwide have experienced a rapid increase in the number of foreclosure “rescue” scams targeting senior citizens.
The article said:
“The report says that home foreclosure scams, which often target the elderly, were the most serious complaints last year. They were so bad, said Pastor Herrera Jr., the director of the Los Angeles County Department of Consumer Affairs, that loan modification scams could top the list this year. “People will do whatever they can to save their home,” he said. “This is tragic and unconscionable, but it is happening. “Susan Grant, the director of consumer protection for the Consumer Federation of America, the report’s main sponsor, agreed. “These are just outrageous situations,” she said. “Just about the worst thing that could happen to somebody is losing their home, and the next worst thing is someone pretending to help them.”
Many senior citizens are struggling to avoid foreclosure and are particularly vulnerable to foreclosure scams. Many foreclosure rescue scammers target senior citizens because many seniors are afraid that they won’t be able to start over if they lose their home to foreclosure or file bankruptcy. Also, oftentimes the mortgage modification programs and foreclosure prevention programs available require a tremendous amount of energy, time and stamina to navigate the sometimes complex and arduous mortgage modification process. Many senior citizens just don’t have the energy to tackle the process when faced with foreclosure. Foreclosure scammers offer seniors the false promise of a quick fix which in the end costs many of them lots of cash and eventually their home.
For senior citizens facing foreclosure, bankruptcy may be the best option available especially if they have other debts such as credit card debt or medical debt . Bankruptcy offers many benefits to senior citizens, which should be thoroughly explored with a bankruptcy attorney.