As the rate of foreclosures rises, the scam artists are ready and all-too-willing to take advantage of homeowners who are already in trouble.

Known as “equity stripping,” the various scams involve contacting homeowners who may be having difficulty making their mortgage payments and could be facing foreclosure.

The scam artists offer the homeowner cash to help them keep their homes or get a deal for free monthly rent and a promise to keep their home.

The scam artists make their money by taking over the deed and then borrowing as much money as they can against the house and then making off with the money.

When foreclosure proceedings are initiated on a property, the information is published on a list for whatever county the property is located in and the scam artists use the lists to get in touch with homeowners who are facing foreclosure and may be desperate for some kind of help.

This scam has turned up in just about every state in the country and some states have passed new laws in an effort to put an end to such scams.

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