Mortgage scams plaguing Phoenix residents

PHOENIX, April 22 (UPI) -- Authorities in Phoenix are warning mortgage holders with financial troubles to watch out for scams involving so-called foreclosure rescue companies.

Increasing numbers of Phoenix homeowners are struggling to meet their mortgage payments. Arizona Attorney General Terry Goddard said homeowners looking for help should choose carefully, The Arizona Republic reported Sunday.

"Foreclosure rescue sounds like something good, but it isn't. There are some sharks out there," Goddard said. "They are taking advantage of desperate homeowners and need to be stopped."

Without proper investigation of such assistance groups, officials warn that a struggling homeowner could unwittingly sign away his home to con artists.

Arizona officials have formed a mortgage fraud task force and proposed state legislation to help struggling homeowners, the newspaper said.