Michigan Attorney General Mike Cox Helps Consumers Protect Themselves Against Home Lending and Foreclosure Rescue Scams
25 January 2006 Attorney General Mike Cox warned consumers today to be on guard against con-artists who target homeowners with various home lending and foreclosure rescue scams.
"For many consumers, purchasing a home is the largest investment of their lives. Consumers must educate themselves to protect their investment," said Cox. "In today's age of mass communication and access to data, there are so many different schemes con-artists employ to trick homeowners into selling their home for far less than it's worth or to refinance a loan with higher interest rates and payments than necessary."
In a Consumer Alert, "Home Lending and Foreclosure Rescue Scams" posted on the Attorney General's Web site, http://www.michigan.gov/ag , Cox cautions consumers against several sophisticated scams con-artists use and provides warning signs consumers should look for.
"These scams change constantly as crooks become savvier," Cox said. "Homeowners need to be vigilant when making home improvements that require refinancing, or refinancing to save money or to save the home from foreclosure."
Michigan currently is reporting one of the highest foreclosure rates in the country and because con-artists prey on vulnerable consumers, it is important to spread the message.
The detailed Consumer Alert on Home Lending and Foreclosure Rescue Scams is also available by calling the Consumer Protection Division's toll-free hotline, 1-877-SOLVE-88(1-877-765-8388).
Source: prnewswire
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