With all of the economic uncertainty right now, the conditions are perfect for the kind of “foreclosure rescue” and other scams that plagued desperate homeowners during the financial crisis of 2008.

            It is critical that people be on the lookout for all manner of schemes during this time of upheaval. We should all be paying special attention and staying in touch with seniors we know in our community. They are always at a high risk of financial victimization even under normal circumstances, and that risk is likely even higher now.

            Homeowners and tenants alike should be aware that there are options for assistance and seek to work directly with their lender or landlord to address concerns if it looks like they may fall behind on mortgage or rent payments. Servicers of government backed loans, such as those owner or insured by Fannie Mae or Freddie Mac, are obligated to work with distressed borrowers to prevent them from losing their homes due to the COVID-19 outbreak.

             It will be tempting for people to turn blindly to the Internet for solutions, but great care must be taken not to be deceived by ideas or products that sound too good to be true. It is important that we all stay vigilant and utilize the resources that are out there. Any fraud or abuse targeting homeowners or tenants should be reported immediately to the proper authorities, such as the Illinois Attorney General or Better Business Bureau.