Chino Hills Real Estate Blog : Tips to Avoid Mortgage Modification Scams and Fraud

Tips to Avoid Mortgage Modification Scams and Fraud

C.A.R. recently released a consumer alert offering tips on avoiding mortgage fraud.
Con artists trying to take advantage of unknowing, financially troubled homeowners usually promise mortgage loan modifications or reduced monthly payments for upfront fees. In most cases, charging upfront fees or payments for these services is illegal.
According to the Federal Trade Commission, these offenders review foreclosure notices in newspapers, the Internet and public files to identify potential victims. Scammers who place ads online, on television, and in newspapers claiming to “stop foreclosure now” and offering “money back guarantees” are suspect and should be reviewed cautiously by the homeowner.

For tips to avoid mortgage modification scams, visit http://www.sigtarp.gov/pdf/Consumer_Fraud_Alert.pdf