Home Owners Beware.

By
Real Estate Agent with Broker Associate PenFed Realty 0496522

I received an interesting call from my mother two days ago.  She had been contacted by someone regarding her mortgage.  He told her she could get a loan modification and here is how, "Don't pay your mortgage.  When you receive a letter from the lender regarding the late payments I will contact them on your behalf.  They will make arrangements to modify your loan.  My fee is $299, but you will save at least two months of regular payments."

My heart sank.  I asked, "Are you late?  Why did this person call you?"  She explaned she hadn't been late but has an ARM (adjustable rate mortgage) and he mentioned he knew.  My question is how did he know?  He also told her the rate was about to go up.

I am glad she called to let me know about the latest scam.  She was smart enough to ask him to send an email regarding the conversation.  He was dumb enough to do it.  She sent a forward to me and I am going to report him at the highest level of authority I can find.

If you are late on your mortgage payments, ARM or not, there are professionals that can help you.  Seek the advice of your local Realtor.  Don't believe you can scam your lender with the help of someone who sounds like they know how.

Comments (42)

Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Melody, I'm glad your Mom has you. I shudder to think about all the unsuspecting people out there-- as if we don't have enough problems without goons like these!

Dec 18, 2008 09:44 AM
Susan Mangigian
RE/MAX Preferred, West Chester, PA, RS152252A - West Chester, PA
Chester & Delaware County Homes, Delaware and Ches

Great post Melody.  I can't believe what people will stoop to and take advantage of others!

Dec 18, 2008 10:42 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Mel, I have heard of this too. "Loan Modification" is a new category of scam.

Dec 18, 2008 11:24 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Mel, I am so sorry when I read or hear of these things.  I wonder how people can do these things to others---the scams never seem to end.

Dec 18, 2008 11:30 AM
Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula
Realty Works Temecula - Temecula, CA
Realty Works Temecula

Melody, That is so awful.  Glad your mom got him to e-mail her.  Quick thinking on her part!

Dec 18, 2008 11:39 AM
Kristin Moran
Owner - RE/MAX Access - KristinMoran@Remax.net - San Antonio, TX
San Antonio,TX - Real Estate - 210-313-7397

Scary stuff!  I am w/you, how did this individual know to call her?  That's bizarre!  KM

Dec 18, 2008 12:05 PM
Shane Scott
Law Office of Shane Scott, P.C. - Jamaica, NY
Real Estate Attorney

My elderly neighbor invited me over to her home to listen to her voice-mail.  I was appalled at the message.  It was pretty much the same scam that your mother experienced.  One problem though, my neighbor rents her current home and does not own any other property.  Guess this mortgage professional did not do his homework lol.

Dec 18, 2008 12:20 PM
Eric McGowan
Moody, AL

Mel, good for you for bringing this to peoples attention. Someone that truly needs help likely would not get called. Anyway to make a buck it seems.

Dec 18, 2008 01:15 PM
Don Rogers
Keller Williams Realty Chesterfield - O'Fallon, MO
Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Mel,

Thanks for the alert, I think that these people will always be out there and it is up to us to let the public know about theses kind of scams.

Dec 18, 2008 10:37 PM
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

wow - that is frightening!  thank god your mom called you and I will be very interested to hear what comes of it!

Dec 18, 2008 11:27 PM
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Mel, You do good work, your clients must be so pleased that you are there for them. Do you have a cape to match your little black dress, super hero's always have a cape. Thanks for bringing this to our attention I for one will keep an eye out for this scam.. Steve

Dec 19, 2008 01:04 AM
LaShawn Norden
Keller Williams Heritage Realty - Longwood, FL
REALTOR, (321) 377-0157, Your Real Estate Advocate in Central FL

Mel~Damn phone solicitors. I think they should all get Ex-Lax in their brownies :-) Tell your mom to give that caller my phone number next time and I'll teach that boy a lesson! All kidding aside, it's so sad to see, read and hear about the awful predators out there. Thank God for your mom that she has you...Merry Christmas!

Dec 19, 2008 07:02 AM
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Melody:  Bad situations always give rise to the scum among us.  I've heard a lot of similar scams, with much larger price tags.  It's good you are getting the word out about the latest.

Dec 19, 2008 11:51 AM
Jesse & Kathy Clifton
Jesse Clifton & Associates, REALTORS® - Fairbanks, AK
Retired

Well, Mel... I see you got hit by Fast Eddie too... gotta love those spam comments that have NOTHING to do with the post.  Geez. Oh, wait, this comment has nothing to do with the original post.  Crap.  haha  I think I'm going to adopt Mandy's approach to comment spam... make 'em famous. :P

I am glad your mother called you... the SOB's that prey on folks should be shot in the ass.  Ok, I feel better now. :)

Dec 20, 2008 03:48 PM
April Hayden-Munson
Brookfield, WI
Brookfield Wisconsin Real Estate

Too bad there are so many unscrupulous people out there.  This could be a scam that ends the owner signing over paperwork to the caller, and in the end losing the house!

Dec 21, 2008 05:25 AM
Cameron Wilson
Labrum Real Estate - Murrieta, CA
The Short Guy - Murrieta,Temecula,Menifee Californ

Sounds like he had access to the database at the lender who originally made the loan. If so as they say in California, Sue Time.

Dec 21, 2008 08:06 AM
Pat Whitehouse
RE/MAX 1st Olympic Lynchburg Va - Lynchburg, VA
Broker/Owner

Hi Melody-It is amazing how many scams are out there. I do know that kind of low lifes target the older folks. It's sad. Glad your Mom didn't get taken. She was smart and so is her daughter. I haven't chatted with you in a while between my 2 week cruise and now Christmas so I just wanted to pop in and wish you a Merry Christmas and a Happy New Year. I just did my last post for this year. A cyber Christmas bash that I want to personally invite you too. Bring anybody you want and make yourself at home. Come anytime. The party is still going on. I might add some new stuff for New Years. The link is below. I hope Santa is good to you. You are special my friend. :-)

http://activerain.com/blogsview/845905/Sleep-in-Heavenly-Peace-A-Christmas-Card-for-all-my-AR-Friends-AR-Community-Builders-everybody-in-the-Rain

Dec 22, 2008 12:35 AM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Of course the scammers usually are dumber than then the ones picked to be scammed.

Dec 23, 2008 09:57 AM
Brenda Harmon
Century 21 Beal, Inc College Station, Texas - College Station, TX

Melody,

I am glad your mother called you.  It is crazy that someone could access her information so easily.

Dec 23, 2008 03:43 PM
Anonymous
Chet

Hi Melody,

It seems that less of these scams are happening since the housing crisis began but never the less they are still out there! Glad you caught it before it was too late. Time to get mom in a low fixed rate.

Dec 26, 2008 02:15 AM
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