Another Foreclosure Scam

By
Real Estate Agent with Buyers Brokers Only, LLC

The Quincy Cove, a newspaper covering the Greater Boston area, recently published an article that warns consumers to look out for a foreclosure scams that could potentially hit Massachusetts in the near future.

The scams are known as Forensic Loan Audits and are advertised to provide a borrower with evidence of errors or even illegal practices carried out by the lenders in the creation of their mortgage. The audit is said to provide this “evidence” in order for you to challenge your foreclosure and receive help from the lender.

The only problem is that experts believe these audits provide no benefit whatsoever. You end up paying these auditors up-front and receive no positive results. “There is no statistical or other data that supports the claims that a forensic loan audit, even if performed by a licensed, legitimate and trained auditor, will help you modify your home loan or ‘stop foreclosure in its tracks’”

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Rainmaker
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Dennis Herman
Crossroads Real Estate LLC - Oostburg, WI
Dennis Herman

Why is it these are the first results on an Internet search?  If word gets out this is a scam why don't the Internet search companies do something about shutting these sites down by placing them at the end of the search list?  Did they forget they are a service industry?  If we continue to see poor performance from a referral, do we continue to refer them?  We knock them off our referral list. 

Mar 19, 2010 03:44 AM #1
Rainer
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David Cahill
Century 21 Cahill Associates - Boston, MA

Good to know.  Thanks for the head's up!  I will keep my eye out for them.

David in Boston

Mar 19, 2010 05:25 AM #2
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Richard Rosa

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