Texas University warns of Foreclosure Rescue Scams |
Convinced that home foreclosures will rise dramatically in the next two years, the chief economist for the Real Estate Center at Texas A&M University warns that a new scam threatens homebuyers desperately looking for a way out of financial stress. "Predatory lenders now offer what they call 'rescue loans,'" said Dr. Mark Dotzour, "but homebuyers are neither rescued nor do they actually receive loans." Homebuyers who purchased homes with subprime loans are especially vulnerable, he said. Predatory lenders are targeting subprime borrowers who have some equity built up in a home but who are having difficulty meeting monthly mortgage payments. |
Homebuyers with impaired or nonexistent credit histories often turn to subprime loans despite the higher interest that comes with them. According to Dotzour, many are about to discover that their "American dream" has turned into a nightmare. |
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