Boston is the capital of Massachusetts and the largest city in the state of Massachusetts, and was the seat City of Suffolk County until 1999 because county governments were disbanded in Massachusetts that year; it was named so by English settlers (Puritan settlers) in 1630, therefore it is one of the oldest cities in the U.S. states also is the largest city in the New England. This attributes plus the fact that it is rich in culture and obviously in history as well numerous sporting activities, regional cuisines and its high populations translates to increased cost of living for its residents therefore the number of financially distressed individuals can be alertly huge in a city like Boston who will be facing foreclosure and likely victims of foreclosure scams. The scams take the following natures:
The scammer present themselves as buyers offering a price lower than the current market price, promising to pay you monthly payments; among their terms including you transferring the deed to them, to vacate the house and to stop further contact to your lender. Upon accepting their terms they will often rent out your house but they will not pay you monthly obligations thus allowing the lender to foreclose on the property.
The scammer presents himself as a mortgage lender offering you a loan; more often than not they are aware of your situation and nonetheless they still want to offer you the loan and they encourage to overstate your income so to have the loan approved, due to your state you will give in even when you can figure out how you will raise the monthly payments; their moment is when you miss payments and they will rush to foreclose on you and have you home equity.
Phony Counseling Agencies
The scammer will offer to negotiate with your lender towards the reduction of your mortgage or saving your home if you pay a fee to them. Usually, they claim to be lawyers or representing a law firm and they may request you not contact your lender, attorney, or credit counselor promising to handle all aspects once you pay the fee, once you pay they will cease returning your calls and take off with your money. They are also likely to recommend that you pay your mortgage payments directly to them as they negotiate with your lender only to collect for a few months and vanish.
The lender can also be a scammer where he can claim to be saving you by refinancing you mortgage to lower payments. The mortgage monthly payments will be considerably low as they will be interest only. This fact will dawn to you at the end of the term where you note that the total amount you owed is still due in a lump sum balloon payment and if you can raise the lump sum amount or obtain refinancing, the house may be transferred to the lender.
Internet and Phone Scams
Lenders are scam artists offer low interest mortgage loans and encourage to apply on the phone or internet, without meeting your lender in person; this puts your personal details at the risk of theft not forgetting that you home is still facing foreclosure.