Download this Paper Open PDF in Browser

Home Alone: Home Mortgage Foreclosure Rescue Scams and the Theft of Equity

Journal of Affordable Housing and Community Development Law, Vol. 11, p. 280, 2002

23 Pages Posted: 26 Mar 2009  

Nathaniel C. Nichols II

Widener University

Date Written: March 1, 2002

Abstract

Mortgage foreclosures caused by predatory lending and subprime mortgages seem to garner front page headlines on a daily basis. Greedy mortgage brokers, greedy banks, greedy investors, and financially illiterate consumers all share some blame for this crisis. However, the Mortgage Foreclosure Rescue Scam (MFRS) has caused a crisis of its own for decades. This article describes how MFRS works. It gives a detailed account of an actual victim of MFRS and proposes several solutions to prevent the scam, when the elderly are its target.

Keywords: mortgages, fraud, foreclosure, scams, mortgage foreclosure rescue scam, consumer protection

JEL Classification: K11, K40

Suggested Citation

Nichols, Nathaniel C., Home Alone: Home Mortgage Foreclosure Rescue Scams and the Theft of Equity (March 1, 2002). Journal of Affordable Housing and Community Development Law, Vol. 11, p. 280, 2002. Available at SSRN: https://ssrn.com/abstract=1368268

Nathaniel C. Nichols II (Contact Author)

Widener University ( email )

3800 Vartan Way
PO Box 69381
Harrisburg, PA 17106-9381
United States

Paper statistics

Downloads
98
Rank
227,702
Abstract Views
744