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Loan Modification Scams Are Not Just A California Problem

Loan Modificattion Scams Are Prevelent Everywhere

Loan Modificattion Scams Are Prevelent Everywhere

Prosecutors nationwide filed 189 legal actions The Week of July 12 against loan modification consultants accused of bilking homeowners who are desperate to make their mortgage payments more affordable.

The lawsuits and cease-and-desist orders announced by Federal Trade Commission Chairman Jon Leibowitz and California Attorney General Edmund G. Brown were part of a nationwide sweep of alleged sham consultants by the federal agency and officials in 18 states.

Brown said “We are going to do everything we can to stop it, realizing that there are more rats to come out of their holes than we can stomp on, but we will keep doing the best we can because it is horrible to take advantage of somebody who is vulnerable with their family exposed to foreclosure.”

Other States with Recent Filings :

Loan modification scams are topping all cases of housing fraud in Nevada; cease-and-desist orders against 17 loan-modification companies; Ohio joins crackdown on loan consultants; Central Florida Loan Modification Company Targeting Hispanics Sued for Mortgage Fraud… It just goes on.

I keep telling people to just do it themselves; get educated, get on the phone, fire up the fax machine and … I’m sot saying that all loan mod companies are scams; I just haven’t found a company or individual who is doing these on any scale that have a track record you can point to and say, yes, these guys know what they are doing. Even the most skilled of negotiators can only handle so many files when dealing with the workout or loan modification departments… 

You can’t expect someone else to be as persistent and pushy as you are going to need to be… get ready for the fight for your life

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