Older Americans are prime targets in red-hot foreclosure scams

Older Americans are prime targets in red-hot foreclosure scams

AARP: Ever since the housing market took a dive, foreclosure scams have been spreading like wildfire. And that’s not about to change, what with some 4 million homeowners currently delinquent on their mortgages and another 1.6 million already in the foreclosure process.

What is changing, though, is the age of people being targeted in so-called rescue scams, in which you’re promised help in hanging on to a property threatened with foreclosure.

In the first six months of this year, more than 40 percent of all reported victims were 51 or older, up from 36 percent in July through December 2010…

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Learn more about legitiment options in our Avoiding Foreclosure section.