Originally published Friday, September 5, 2008 at 12:00 AM
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Letters will warn homeowners of foreclosure-rescue scams
In an effort to stay ahead of scammers who prey on distressed homeowners, the state's attorney general is mailing letters to 14,174 Washington...
Seattle Times consumer-affairs reporter
In an effort to stay ahead of scammers who prey on distressed homeowners, the state's attorney general is mailing letters to 14,174 Washington homeowners this week to warn them against "foreclosure-rescue" scams that rip off homeowners under the guise of help.
The scammers target people whose homes are in foreclosure, finding them in public listings that are widely available on commercial sites, and offering to help "save" the home from foreclosure.
Attorney General Rob McKenna's office is using those same foreclosure lists to warn affected homeowners that promises of help can turn out to be scams that result in skimmed equity or even the loss of their home.
His office cited instances where homeowners unknowingly transferred ownership of their homes to "investors," paid hefty sums to intermediates who did nothing to help or learned too late that they wouldn't be able to buy back their house as promised because the price was too high.
Foreclosures statewide have climbed to record levels as people struggle to make higher payments on adjustable-rate mortgages with climbing interest rates.
When homeowners fall too far behind on their payments, lenders send out foreclosure notices and file them with the county, where they are compiled by businesses into lists that can be accessed by investors or any other interested party.
County treasury departments also initiate foreclosures when homeowners fail to pay property taxes. In King County, for example, more than 220 homes are facing tax-related foreclosures.
The warning letters were being mailed Thursday and Friday, said AG spokeswoman Kristin Alexander. The office may do another mailing if the funds are available, she said.
Meanwhile, some counties will send out the letters in the future with their tax-related foreclosure notices, or make the information available at their offices, Alexander said.
For more information, go to atg.wa.gov/foreclosure.aspx. The site contains a video that gives a good sense of how the scammers operate.
Susan Kelleher: skelleher@seattletimes.com; 206-464-2508.
Copyright © 2008 The Seattle Times Company
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