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"Keep Your Home, Know Your Loan"

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

In January of this year, the US Department of Housing and Urban Development launched "Keep Your Home, Know Your Loan."This is a campaign to target homeowners (consumers) and includes print, radio, and television Public Service Announcements.

The goal of this program is to fight the explosion of loan modification scams that charge ("Pay-to-Play"). The way that HUD hopes to accomplish this is by getting consumers involved earlier and providing them with all of their options.

In all of the Public Service Announcements, consumers are encouraged to call the HUD toll-free counseling hotline (877-HUD-1515) to arrange free face-to-face meetings with a counselor in their local area.

I have heard many stories about borrowers paying thousands of dollars for a loan modification that either never came through or with terms that were not acceptable. While there are clearly no guarantees, this program sounds like a great way to get the word out so that folks learn that they do not have to pay for something that can be done for free!

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Comments (1)

Gail MacMillan
Titusville, FL

Hi Melissa,

Isn't it sad that people experiencing such misfortune then have to be double-whammied by crooks like these.  Throw them (the scammers) in jail and lose the key :(

May 05, 2009 08:12 AM