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5 Signs of a Foreclosure Rescue Scam

On July 31, the National Bar Association held a panel to discuss the impact of the foreclosure crisis on communities of color at its 86th annual convention and exhibits. Black Enterprise spoke with two of the panelists—Yolanda D. McGill, senior counsel of the Fair Housing and Lending Project with the Lawyers’ Committee for Civil Rights Under Law, and Vicki King Taitano, director of the Foreclosure Legal Assistance Project with the Maryland Legal Aid Bureau—to get their thoughts on this growing problem. McGill noted the rise of scammers as one. "The overrepresentation of minorities in our scam database is very troubling and likely has many causes, such as the wealth gap that leaves struggling homeowners no savings or family funds to lean on and drives them to seek foreclosure rescue and modifications more often,” she says. “We also know that scammers tailor their marketing language to ethnic minorities, and there are organizations trying to determine if this activity is in violation of the law." With that in mind, here are five signs of a foreclosure rescue scam. 
—Sheiresa Ngo