The confidence men are everywhere, on TV, the radio, online, “We Can get your mortgage company to lower the payments!!!”
Well, the FTC has proposed a rule that third parties could not collect anything from you until they “obtain a documented offer from a lender.”
A rule designed to derail foreclosure scam outfits.
Foreclosure Scam Prevention Rule Proposed
[...]
Another mortgage scam blows up, this one with a California lawyer and his buddies guaranteeing mortgage modifications in 90 days, 90% success rate, and so on.
California is no the only state in a recession, in which lawyers, among others, are resorting to unethical scams to make money.
Watch out!
People guaranteeing results are lying!!
You can get free [...]
We have all heard the radio, and seen the internet ads, we can save your house, our experts know whom to contact in the back office, we stop foreclosures, and so on.
California Attorney General Brown has ordered dozens of the companies in California making such claims to put up or shut up.
I expect the purveyors [...]
If the con men made any misrepresentations involving TARP (Troubled Asset Relief Program), check this link to file a complaint:
TARP
What Do I Do If I Have Been Scammed?
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No. NO. NO!
NO NO NO!
Do not give your money to the scam artists claiming they “know someone in the back room” as one of my clients was told last week.
Scams!
Some of these con men, are the same guys who were mortgage brokers putting people into bad sub-prime mortgages.
Click on the link below for another example [...]
According to the official FBI report on Mortgage Fraud for 2008, Michigan had the 5th highest number of cases.
My prediction: sure to grow in 2009, although the horses are out of the barn.
(Click here if you want to order a FREE copy of my book, The Consumer’s Guide to Defending Foreclosure.)
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Like “the secret the credit card companies don’t want you to know!”, they are almost all scams.
Hustlers know what to say to make you feel good about you giving them their money.
The National Consumer Law Center has a new report here: mortgage scams
(Click here if you want to order a FREE copy of my book, The Consumer’s [...]
As a comment to this blog post defining mortgage broker says, “no more than glorified loan processors.”
A mortgage broker finds a mortgage, like a real estate broker finds you a house.
The use of mortgage brokers exploded as the housing bubble built, and mortgage companies basically outsourced loan processing.
They relied on the mortgage brokers to bring [...]
Worse all the time, this is not your father’s recession.
Home delinquencies set a record in the first quarter, which inevitably means more foreclosures to come.
This is no longer a sub-prime crisis, as foreclosures, not delinquencies, on prime mortgages doubled over a year ago and half of the new foreclosures in the first quarter were on [...]
But mortgage fraud happened everywhere.
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