In Today’s Loan Modification Scams Exploit Foreclosure Crisis, we explain how fraud surrounding mortgage loan modification is as rampant as ever. Below are the references used to write this article–read more to learn about today’s loan modification scams and how you can avoid becoming the victim of one.
FTC Cracks Down on Mortgage Relief Scams (BET)
The U.S. Federal Trade Commission (FTC) is cracking down on websites that prey on struggling homeowners. However, according to the Homeownership Preservation Foundation, close to half of all mortgage loan modification scam victims are African-Americans and other people of color. Advocates say more funding is needed to educate those who could be affected by fraud.
Bank Of America’s Christmas present: Foreclose Even Though Not A Payment Missed (CTwatchdog.com)
Mortgage holders are learning that you can be the victim of fraud even when dealing with a banking giant like BofA. Bank of America is threatening to begin foreclosure proceedings on Christmas Eve, even though Shock and Lisa Baitch have never missed a payment.
Homeowners Beware: Mortgage Mod Scammers Are Selling an Audit to Nowhere (Daily Finance)
Jose Chirino was hounded by a representative from New Century Solutions in Lake Forest, California until he finally agreed to pay $1,500 for an attorney to review and advise Chirino, draft a demand a letter and negotiate with his mortgage lender. Nothing ever happened.
