The housing market in the United States may not be thriving, but business is booming for foreclosure rescue and loan modification scammers.

The US Government Accountability Office (GAO) released a report in July 2010 entitled “Home Ownership Preservation”.  It says that: “The current foreclosure crisis has provided persons who may perpetrate mortgage foreclosure rescue and loan modification schemes with unprecedented opportunities to profit from homeowners desperate to save their homes. In March 2010, we reported that national default and foreclosure rates rose sharply from 2005 through 2009, to the highest level in 29 years. The most recent data from the Mortgage Bankers Association, which are for the first quarter of 2010, show that the number of home loans with payments more than 60 days past due, and therefore potentially facing foreclosure, is 2.7 million.”

The GAO report says there are two main types of foreclosure rescue and loan modification scams: advance-fee loan modification schemes and sales-leaseback schemes, with advance-fee schemes being the most common.  In an advance-fee scheme, someone charges you a fee in advance to negotiate a deal with your mortgage lender.  They may even offer a money-back guarantee.  But the usual outcome is that they take your money (the average is about $3,000), provide little or no service, and then refuse to refund the fee.  In a sales-leaseback scheme, the scammer persuades you to transfer your deed to them by offering to assume your payments and let you pay rent while you get your affairs in order.  They promise to sell the (more…)

Although no alarm system will make your home completely burglar-proof, a home security system can reduce your chances of being burglarized and provide peace of mind. Better Business Bureau of Southern Arizona advises consumers to research the purchase of a home security system with the same care they would with any major purchase.

In 2009 alone, BBB received a total of 2,883 complaints against alarm companies nationwide.  This type of business has also ranked in BBB’s top 30 companies with the most inquires (consumers requesting information, as opposed to complaints) in Southern Arizona in 2009.

Out of the local alarm system companies that provide services locally, in 2010 BBB has received the most inquiries about the following companies:

• ADT Security Systems – This Company is headquartered in Boca Raton, Fla. and had received 1,261 inquiries in the last 12 months.  ADT Security Systems has a BBB rating of “A.”
• APX Alarm Security Solutions, Inc. – This Company is headquartered in Provo, Utah and has received 631 inquiries in the last 12 months.  The current BBB rating for APX Alarm Security Solutions, Inc. is “C-.”
• CPI Security Systems, Inc.- CPI Security Systems, Inc. has a location in Morrisville, N.C. and has received 1,637 inquiries in the last 12 months.  This company is currently a BBB Accredited (more…)