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Foreclosure deals sound too good to be true? They probably are: homeowners should see red flags when businesses demand upfront fees.

Publication: San Diego Business Journal
Publication Date: 25-AUG-08
Format: Online
Delivery: Immediate Online Access

Article Excerpt
As the housing crisis drags on, the thousands of San Diego homeowners facing foreclosure are easy marks for unscrupulous "foreclosure consultants" offering to get their mortgages lowered by lenders.

Falling home values have left borrowers holding loans that exceed the value of their homes, and someone offering to help lower one's mortgage and avoid foreclosure is welcome news.

But broker Mike Byrd of San Diego's Windsor Capital Mortgage Corp. says some foreclosure consultants are preying upon desperate homeowners.

Many...

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