WATCH OUT FOR MORTGAGE MODIFICATION SCAMMERS

 

Attorney Josh Zinner warns about mortgage modification scammers. Josh is an attorney and C0-Director of the Neighborhood Economic Development Advocacy Project. He’s been fighting to help homeowners hold on to their property for a long time and he warns against paying someone a fee to help you modify your mortgage.

HUD Fights Mortgage Modification Scams

The Department of Housing and Urban Development (HUD) launched a public awareness campaign to try to warn people about mortgage modification scams.  It’s campaign Know It, Avoid It, Report It. “Unfortunately unscrupulous lenders and mortgage brokers continue to prey on unsuspecting and trustworthy homeowners who are desperate to save their homes,” says Mirza Orriols, HUD Deputy Regional Administrator.

3 Typical Scams

  1. Scammers pretend they are with the government.
  2. They charge illegal up-front fees.
  3. They work out fraudulent lease-back schemes.

Last year HUD’s hotline logged 672 modification scam complaints.  And now HUD wants you to call if you suspect fraud: 1-888-995-HOPE (4673) or visit www.hud.gov/preventloanscams.

If you are a homeowner in trouble visit a HUD approved counseling agency in your area.  You can find one at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

 

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