Thinking about buying one of those real estate get-rich-quick home study courses or seminars you see advertised on late night TV or the Internet?
Creative real estate is a fraud and the gurus who sell this garbage know it.
Before you spend your hard earned money to enrich the pockets of some scam artist selling nonsense on the Internet compare the contents of the course you are considering with this warning from the U.S. Comptroller of the Currency. This is the U.S. government warning homeowners against mortgage and foreclosure rescue fraud.
Compare the course or seminar offering to the official warning. You will find that many of the "investment techniques" taught in these books, courses, and seminars are nothing more than the teaching of foreclosure rescue and mortgage fraud.
It's easy to make money when you STEAL real estate from desperate people.
Not so easy making it in an economy where real estate values have fallen 30% or more in the last three years.
The official warning is reprinted below from this source.
READ IT. COMPARE. Don't get scammed. Don't become a victim of mail fraud or even worse, a foreclosure rescue fraud con artist yourself.
Robert J. Abalos, Esq.
Comptroller of the Currency
Washington, DC 20219
May 16, 2008 (Superseded by CA 2009-1 on April 21, 2009)
Mortgage Modification Scams and Foreclosure Rescue Scams
Scams that promise to “rescue” you from foreclosure are popping up at an alarming rate nationwide, and you need to protect yourself and your home.
If you’re falling behind on your mortgage, others may know it, too — including con artists and scam artists. They know that people in these situations are vulnerable and often desperate. Potential victims are easy to find: mortgage lenders publish notices before foreclosing on homes. Private firms frequently compile and sell lists of these foreclosed properties and distressed borrowers. After reading these notices, con artists approach their targets in person, by mail, over the telephone, or by e-mail. They often advertise their services on television, radio, or the Web, and in newspapers, describing themselves as “foreclosure consultants” or “mortgage consultants,” offering “foreclosure prevention” or “foreclosure rescue” services. And they are only too happy to take advantage of homeowners who want to save their homes.
If someone offers to negotiate a loan modification for you or to stop or delay foreclosure for a fee, carefully check his or her credentials, reputation, and experience, watch out for warning signs of a scam, and always maintain personal contact with your lender and mortgage servicer. Your mortgage lender can help you find real options to avoid foreclosure. It is important to contact your mortgage lender early to preserve all your options. There are legitimate consumer financial counseling agencies that can help you work with your lender.
This Consumer Advisory, issued by the Office of the Comptroller of the Currency (OCC), describes common scams, suggests ways to protect yourself, provides information on U.S. government loan programs and counseling resources, and lists 10 warning signs of a mortgage modification scam.
Here are some examples of scams related to mortgage modification and foreclosure avoidance.
Always proceed with caution when dealing with anyone offering to help you modify your mortgage or avoid foreclosure. Remember that you do not need a third party to work with your lender — any such party should make the process easier, not harder and more expensive.