Beware of Foreclosure Scams and Schemes

Homeowners nationwide report being offered scams and schemes disguised as legitimate methods of preventing foreclosure or resolving damaged mortgage relationships through impossible reinstatement plans. Federal, state and local agencies are inundated with complaints from homeowners who have unwittingly fallen prey to foreclosure scammers using schemes such as:

  • Purchasing your home to let you pay off your mortgage, promising to let you rent your home at low cost until you can buy it back
  • Temporarily holding the deed to the home as security while they pay your mortgage and you pay low rent until you can resume paying the mortgage 
  • Having you change your deed to some other person’s name while the scammer finds you new and more affordable financing 
  • Providing you a low-cost loan that lets you pay off all or some of your mortgage, under the guise that you will pay back the scammer, who now holds your deed as collateral
  • Claiming they can negotiate reduced interest rates and debt forgiveness from your lender 
  • “Flopping” and options contracts — these ploys tie you up while they persuade your lender to accept an exceedingly low offer. All the while, they have a higher offer they plan to accept after they low-ball the price for your home. This hurts your lender and also cheats you out of proceeds that could have cut or eliminated your debt

At the very least, schemes like these and others will put you deeper in the whole financially, and at the worst could cost you everything.

Remember the old saying: “If it sounds too good to be true, it probably is.”

Be sure to read this helpful guide from the New York Attorney General’s office: Avoid Foreclosure Rescue Scams

If you have been approached by a scammer or think you have been scammed, contact these resources immediately:
The New York Attorney General’s Consumer Fraud Bureau
The New York State Banking Department at 1-877-BANK-NYS (1-877-226-5697)
The National Fraud Enforcement Task Force


To review your options without fear of scams, talk to a member of the Mark Boyland Short Sale Team in strictest confidence. We have successfully closed short sales in Westchester, Putnam, Dutchess and Bronx counties. Call 1-800-244-6005 or fill in the form below:

Your privacy is of utmost importance to us and we hate spam as much as you do. Please know we will keep your email address totally secure and will only contact you relating to this qualifier.

DISCLOSURE: The brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Short Sale Hotline
800-244-6005