Loan Modifications Scams have popped up in California big time.  Our state Attorney General posts articles at its site with news on this ~ and how to Avoid Loan Modification Scams (click here). 

Five Tips to Avoid Being Scammed

1.  Don't pay up-front fees.

  • Foreclosure consultants are prohibited by law from collecting money before services are performed.

2.  Don't ignore letters from your lender or loan servicer.

  • Responding to those letters is your best bet for saving your house.

3.  Don't transfer title or sell your house to a "foreclosure rescuer."

  • Beware! This is a scam to convince homeowners they can stay in the home as renters and buy their home back later. It might also be part of a fraudulent bankruptcy filing. Either way, a scammer can then evict the victim and take the home.

4.  Don't pay your mortgage payments to anyone other than your lender or loan servicer.

  • Mortgage consultants often keep the money for themselves.

5. Never sign any documents without reading them first.

  • Many homeowners think that they are signing documents for a loan modification or for a new loan to pay off the mortgage they are behind on. Later, they discover that they actually transferred ownership of their home to someone who is now trying to evict them.

foreclosure prevention

See my article ~ Foreclosure Prevention and Loan Modification Help The Right Way ~ If You Are Upside Down on Your Mortgage.

See article at CA Attorney General web site ~ Five Tips to Avoid Being Scammed (click here). 

Other article ~  Brown Directs Foreclosure Consultants to Register with his Office and Post $100,000 Bond.

 

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Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.

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This post has been included in California Information
Post is included in group: The Economics of Real Estate
Post is included in group: Mortgage, Foreclosure & Elder Abuse Housing Fraud
Post is included in group: Foreclosures & Short Sales
Post is included in group: Best Business Practices

2 Comments on Tips On Avoiding Loan Modification Scams ~ California Attorney General

AUG
20
866,119 Points 68 Featured Posts Outside Blog

Everyday the scum of the Earth seem to come up with new and even more scummy ways to scam people who are already in trouble out of money. People need to think of the golden rule, if it sounds to good to be true, it probably is.

Todd Clark - www.LivingBeaverton.com

8:09am • #1
120,705 Points

Thanks, Todd, for your comment here and recognizing that some bad people are preying on the misfortunes of those who are already in financial trouble.

10:51am • #2

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Harrison K. Long, REALTOR, Broker, expert negotiator

Irvine, CA

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Explore Group Properties, Coldwell Banker Previews, South OC

Address: 6833 Quail Hill Parkway, Irvine, CA, 92603

Office Phone: (949) 854-7747

Cell Phone: (949) 701-2515

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