Task Force to Reduce Repo Properties Rescue Fraud
The office of the Attorney General in Delaware has set up a task force to help distressed homeowners protect themselves from fraudulent repo properties rescue services and assist them to find ways to avoid losing their properties to foreclosure.
The Mortgage Fraud Task Force has coordinated with the State Bank Commissioner office and the Delaware State Housing Authority to help distressed homeowners protect themselves from foreclosure and foreclosure prevention-related fraud.
Information to educate homeowners on ways to avoid foreclosure and fraudulent repo properties rescue schemes will be disseminated through new online resources, free educational workshops and a hot line.
All homeowners residing in the state who are facing the threat of losing their homes to foreclosure or feel that they are vulnerable to fraud can avail of the services provided by the task force.
Director of the task force’s fraud and consumer protection unit Ian McConnel said that it was formed to address the rising number of foreclosure properties across Delaware and to directly assist and educate troubled homeowners to organizations that can help them deal with foreclosure-related issues.
He noted that there was an uptrend on state foreclosures last year and the task force is working to contain the number of repo properties. He said that homeowners are under enormous pressure to save their properties but many of them do not know the system or unfamiliar with it and come unscrupulous people are out there waiting to take advantage of their lack of knowledge.
The task force’s hot line will provide access to callers to coordinate with investigators, Aside from this, caller will also be guided to various government programs, including the Delaware Emergency Mortgage Assistance Program. Or, callers would be referred to certified housing counselors who can help them avoid foreclosures and fraudulent foreclosure prevention schemes.
Additionally, the task force will hold free workshops this coming June 26 to 27. The events will serve as venue for state employees, mortgage servicers and housing agency counselors to disseminate information to homeowners about mortgage modifications, state programs and how to avoid foreclosure and fraudulent repo properties rescue schemes.
In May, Delaware ranked 29th in states with the highest foreclosure rate.
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