Latest Scams Homeowners Should Watch Out For

Spotting homeowner scams grow hard

They can catch you off guard,

You must keep informed

And heed the signs that warn

Then you'll know the scams to disregard.

Just like death and taxes homeowner scams, rip-offs and cons are a fact of life. The good part about the scams, if there's any good part, is most of them never change, they just dress in different clothes. But to the uninformed they're still effective at separating you from your hard-earned money and if you're not careful your entire home.

Of course one of the favorite targets of con artists, shady businesses and even questionable lenders are African American homeowners. African American homeowners continue to be the least informed and less likely to shop around for the lowest loan fees or negotiate.

Now you must do your part by informing other homeowners you know of these scams. The only way these scams have a chance to survive is for those who know them to say nothing or neglect warning others.

Here's The Latest Scams to Watch Out For:

This scam works to exploit distressed homeowners who face foreclosure. Most of the victims are minority, elderly and low income. But due to the current foreclosure problem , this scam is starting to graduate to middle and even upper middle class neighborhoods.

This scam usually works under the guise of helping the homeowner to avoid foreclosure and saving the homeowners credit. They'll usually get your authorization to negotiate with your lender on your behalf by signing a few routine papers. What the victims don't know is the papers they sign allow them to take ownership of their home (always read the fine print).

Now the swindler can place loans against the property or even sell the property and keep the equity. Reports of these scams litter the files of State Attorney Generals across the country.

• Phishing Schemes.

No this type of fishing is not done with a hook and a pole. This type of "phishing" is done with email. But the purpose is the same, to hook you into giving them your personal identification number or password, etc.