C.A.R. LAUNCHES CAMPAIGN TO EDUCATE CONSUMERS ABOUT MORTGAGE MODIFICATION FRAUD
Beginning in May, C.A.R. embarked on a multifaceted campaign to educate consumers about the growing trend in mortgage modification fraud. A nonprofit housing agency recently reported that attempts to scam struggling homeowners have climbed nearly 60 percent nationwide in 2012 alone. And with the recent announcement of the National Mortgage Settlement, it is expected these scammers will step up their efforts. To that end, C.A.R. has produced two videos; one about rising loan fraud to educate consumers and the second, a video of recent C.A.R. loan fraud events (just click on the video to the right).
To combat the rising fraud, C.A.R. has produced public service announcements (PSAs) in English, Spanish, Mandarin and Cantonese, which were distributed to TV stations throughout the state. Some members have already reported seeing them on MSNBC and other cable stations.
The California Association of REALTORS also joined with local district attorneys in Sacramento, San Diego, and Bakersfield and held news conferences to get the word out more widely. C.A.R. has received substantial media coverage in each of the locations.
C.A.R. has also dedicated a section on car.org with substantive information to educate consumers so they can learn how to protect themselves from loan fraud. Consumers can view the PSAs, learn who to contact if they’re in danger of foreclosure, get information about the National Settlement, and find out where to turn if they’ve been a scam victim. View the PSAs, media coverage and loan fraud section here.
And always remember, if it sounds too good to be true, it probably is!
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