Anti-Scam Message Hits YouTube

Since neither the first nor the second straw buyer planned to pay the mortgage, the home went into foreclosure. The woman lost her house.

"It's ugly," Hagberg said of the Boston case.

Heartbreaking comes to my mind.

"Even though the market has softened, many people may still have money they can pocket," German said.

So why would the Boston homeowner and so many others allow someone to walk off with their equity?

One word: desperation.

People are so desperate to prevent their homes from going into foreclosure that they will believe anything and anyone. The woman in Boston was looking for a savior but found a skunk.

What many homeowners can't bear is letting the home go. But it's better to sell it or even let it go through foreclosure and pocket any equity yourself than just give it away to a criminal.

Often, people turn to these crooks because they aren't aware of legitimate ways to work out their loan problems.

When Freddie Mac looked two years ago at what homeowners do when faced with a foreclosure, 61 percent of survey respondents were unaware, without any prompting, that there may be a way to avoid losing their homes. The options may include a forbearance or repayment plan. In an update of the survey, the company found that 57 percent were unaware of their options. At least that's some progress.

As pointed out in the YouTube video, if you're having trouble paying your mortgage, don't rely on the superhuman promises of a foreclosure hero, because if you do, you'll probably end up being cheated by a villain.

¿ On the air: Michelle Singletary discusses personal finance Tuesdays on NPR's "Day to Day" program and online athttp://www.npr.org.She also has a new personal finance call-in show that airs Sundays on XM Satellite Radio, Channel 169 "The Power," from 8 to 10 p.m.

¿ By mail: Readers can write to her at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071.

¿ By e-mail:singletarym@washpost.com.

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