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Many deceitful lenders love to offer loans to homeowners who have no ability to make a single payment but have some equity in their home. Following the loan offer, the homeowner at default who was originally not able to make the mortgage payment now is also in default with the new loan. As a result, the dishonest lender strips the homeowner dry in high loans fees and interest rates and extreme prepayment penalties.

Many fraudulent companies or individuals offer services with high fees to a homeowner at default where they promise that the homeowner will keep their home after they call the lender on their behalf and magically get the lender to do a "loan modification" or "workout plan." In the State of California, CC2945 requires anyone who collects a fee for services from a defaulted owner, to have a Real Estate License and a Surety Bond equal to twice the value of the house!!!

In this scheme, a dishonest investor offers the homeowner to purchase his/her house for as little or no money in exchange of the homeowner's deed for a period of one year.

The new rent is much higher than the old mortgage and the homeowner can not meet the financial requirements and pay the first month of rent. As a result the investor simply evicts the homeowner and sells the house.

This is extremely unethical and illegal in just about every state.

In this scheme the realtor comes to a homeowner whose action is 60 days away. The realtor signs a listing agreement and offers the homeowner a guarantee to sell the house or to buy it.

Unfortunately, within those 60 days, the realtor does not make a serious attempt to sell the house and offers the homeowner significantly less for the house that the listing price that was originally offered.

The homeowner does not have a choice but to accept the offer or loose their home on auction.

At the end of the foreclosure process, the deceitful buyer comes and offers a reasonable price for the purchase of the home to the homeowner. However, the buyer postpones the escrow until the last minute before the auction; and at the last minute before the sale start the buyer tells the homeowner that the price offer has been changed to a significantly lower amount.

And, the sad fact is that the homeowner must either accept the new revised offer, or lose the house at the auction.

This scam is similar to Foreclosure Scam 5. The only difference is the buyer offers a great offer for the home. However the great offer is accompanied with a long contract that has multiple, hidden "home repairs" built in that the homeowner has no way of understanding, or could afford to hire a legal council to verify the shady contract.

At the end of the escrow period that is very close to the auction date, the contract's hidden "repairs deductions" come into play which substantially lower the house offer, and the buyer's only options are to either sell the home for a very low price or loose it at the auction.