Tag Archives: Scams

Public Awareness Campaign Empowers Homeowners to Combat Loan Modification Scams

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Riverside, CA (Vocus) June 9, 2010

On Friday, June 11, a partnership of regional, state and national government agencies, nonprofit organizations and financial institutions will collect at the steps of City Hall in Riverside to launch a public education campaign made to help property owners protect themselves against loan modification scams, uncover trusted help and report illegal activity to authorities. The press conference and kick-off are among several events held in recent months in cities across the nation to announce the Loan Modification Scam Alert campaign, a national initiative created to combat loan modification scams.

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California has regularly posted one particular of the nations highest foreclosure prices. The Inland Empire is among numerous metropolitan regions in California to regularly rank among locations with the highest foreclosure prices.

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Too a lot of residents in the Inland Empire, like home owners nationwide, are losing thousands of dollars and their residences to scam artists who make huge promises and then do small or absolutely nothing to help them save their residences, said Thomas Coates, program manager for the Housing Possibilities Collaborative of the Inland Empire, a nonprofit organization comprised of a number of HUD-authorized counseling agencies that do not charge shoppers a charge for housing counseling. Any individual can be a victim and the individuals of the Inland Empire want to know what sources are obtainable to them. They need to know that legal aid groups, economic institutions, and HUD-certified counselors are providing free of charge solutions to any individual searching for aid.

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The regional kickoff event will function representatives from the Federal Deposit Insurance Corporation, NeighborWorks

Public Awareness Campaign Empowers Home owners to Combat Loan Modification Scams

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Riverside, CA (Vocus) June 12, 2010

These days in Riverside, a partnership of local, state and national government agencies, nonprofit organizations and financial institutions gathered at the steps of City Hall to launch a public education campaign created to help homeowners safeguard themselves against loan modification scams, uncover trusted help and report illegal activity to authorities. This was amongst numerous kickoff events held in recent months in cities across the nation to announce the Loan Modification Scam Alert campaign, a national initiative developed to combat loan modification scams.

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The national foreclosure rate has reached an all-time high, and millions more foreclosures are expected in coming years. As the foreclosure rate grows, much more and far more home owners are getting deceived by scam artists who prey on their fears, mentioned Eileen Fitzgerald, Chief Operating Officer of NeighborWorks America. This campaign is based on the belief that expertise is the best defense, which is why the campaign equips property owners with the tools they require to minimize their risk and cease scammers in their tracks.

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The regional kickoff occasion featured representatives from Riverside and San Bernardino Counties, the regional faith-based neighborhood, the Greater Business Bureau of the Southland, the Federal Reserve Bank of San Francisco, the Federal Deposit Insurance Corporation, the Federal Trade Commission and regional housing counseling agencies, including the Fair Housing Council of Riverside County, Neighborhood Housing Services of the Inland Empire, Neighborhood Partnership Housing Solutions and Springboard Nonprofit Consumer Credit Management. Also present had been nearby homeowners who shared their individual experiences with loan modification scams to inform other homeowners in their neighborhood about this activity.

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NeighborWorks America will coordinate the nationwide work through its 235 community-primarily based affiliates and other neighborhood, state and national companion organizations, like the Department of Housing and Urban Improvement (HUD), the Federal Trade Commission, the U.S. Division of the Treasury, Fannie Mae, Freddie Mac and the Lawyers Committee for Civil Rights Below Law.

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Together, the partners aim to attain thousands of distressed property owners in hundreds of communities at higher threat for fraud activity. The campaign will target all audiences, but its sources are focused sharpest on these groups that have already observed high levels of scam activity, including seniors, Hispanics, African Americans and Asian Americans.

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As element of the campaign, details, resources and reporting capabilities are now available around the clock at http://www.LoanScamAlert.org and by calling 1-888-995-HOPE (4673). Community groups might also go to the Internet internet site to access campaign components offered for download and distribution in their region.

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By way of real-life scam stories, collateral materials, print marketing, regional radio PSAs, events, word of mouth and social media activity, the campaign will educate the public about the warning signs of a loan modification scam. Borrowers have to steer clear of any person or firm that asks for a charge in advance, guarantees a loan modification or tells you to spend them alternatively of paying the mortgage. Only a lender can assure a loan modification and they do not charge, said Richard Castro, communications manager for NeighborWorks America.

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Homeowners are also urged to report scam activity at after to the correct authorities via the campaign Net internet site and hotline. We want to tension how essential it is for individuals to discover the signs of a scam and rapidly report any encounter that just doesnt ring accurate, said Castro. Scammers are out there attempting to take advantage of people in a challenging spot. The campaign is producing it less complicated for property owners in distress to fight back, and help us shut scam artists down.

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About the Housing Possibilities Collaborative of the Inland Empire &#13

The Housing Possibilities Collaborative of the Inland Empire (HOCIE) is comprised of organizations functioning collectively sharing greatest practices and resources to deliver complete help to individuals and households in their quest for sustainable homeownership.

Homeownership Preservation Foundation Offers Help, Six Warning Indicators of Foreclosure Scams to Avoid Property owners Falling Prey to Rip-offs

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Washington, DC (PRWEB) October 18, 2010

Details about individual foreclosures is publicly offered, with any person able to access info such as the owner’s name and address, and in some states, other sensitive information. This signifies that homeowners in foreclosure can become the target of mortgage loan scammers who seek to take advantage of their predicament. The Homeownership Preservation Foundation (HPF), which gives data and financial education to guide customers toward the path of sustainable homeownership, is alerting homeowners to resources that will aid them keep away from getting victimized by unscrupulous firms conducting mortgage loan modification and foreclosure rescue scams. The Homeowner’s HOPE Hotline, 1-888-995-HOPE, is a central point of speak to for homeowners who believe they may be a victim of a scam.

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1-888-995-HOPE Accessible Resource for Property owners to Report Fraud

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“One particular of the most devastating aspects of the present economic crisis for property owners is the prospect of losing their properties to foreclosure, and to add to their distress, a lot of property owners have fallen victim to foreclosure help scams,” said Colleen Hernandez, CEO of the Homeownership Preservation Foundation. “Never be fooled. You can find specific guidance on how to keep away from mortgage loan scams by calling 1-888-995-HOPE or going to the web site at http://www.995HOPE.org,&ampquot said Hernandez.

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HPF has formed a coalition with NeighborWorks America, HUD, Fannie Mae, Freddie Mac, and the Lawyers Committee for Civil Rights Below Law to curb foreclosure rescue scams. The Homeowner’s HOPE Hotline has a devoted team trained specifically to take information on reported foreclosure scams and perform with home owners to address any monetary concerns. This information is employed by local, state, and federal agencies to shut down unscrupulous organizations. &#13

The U.S. Government Accountability Office released a report in July 2010 entitled “Residence Ownership Preservation,” which warns: “The existing foreclosure crisis has offered persons who could perpetrate mortgage foreclosure rescue and loan modification schemes with unprecedented possibilities to profit from home owners desperate to save their houses.”

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The report says that the most active scheme is one particular in which men and women or organizations charge a fee for solutions not rendered. In addition, the report said there are two other sorts of foreclosure rescue and loan modification scams that are frequent: advance-fee loan modification schemes and sales-leaseback schemes, with advance-charge schemes getting the most common. The U.S. Federal Trade Commission not too long ago reported on a new twist on the advance-fee scam–a forensic mortgage loan audit.

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Scams aren’t constantly easy to spot – but it assists if to know what to appear for. Right here are Six Warning Signs of a Foreclosure Scam:

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A New Horizon Credit Counseling Reports Joint Activity Force Developed to Battle Mortgage Modification Scams

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Fort Lauderdale, FL (PRWEB) December 12, 2011

On December 1, 2011 a new task force was developed to combat scams tageting homeowners looking for to apply for the Residence Reasonably priced Modification System (HAMP). The activity force is a combined effort of the Particular Inspector Basic for the Troubled Asset Relief System (SIGTARP), the Customer Financial Protection Bureau (CFPB), and the U.S. Department of the Treasury. Their mission is to investigate and shut down these scams while offering educational programs. A New Horizon Credit Counseling Solutions is a nonprofit debt consolidation organization that has been assisting buyers since 1978.

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The aim of our customer fraud alert is to empower property owners with the expertise of how to recognize and steer clear of these scams These scams prey upon the most vulnerable property owners as they desperately hold out hope of saving their residences, said Christy Romero, Deputy Special Inspector General for SIGTARP.

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Treasury is totally committed to functioning with SIGTARP and the CFPB to shut down mortgage scams that falsely represent themselves as government applications, said Treasury Assistant Secretary for Monetary Stability Tim Massad. This new initiative builds on the perform we have completed with SIGTARP to date and other collaborative efforts throughout the federal government to educate property owners about scams so they can shield themselves and their houses.

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Stephen Marcus, President of A New Horizon Credit Counseling mentioned, The consumer should be able recognize organizations charging a fee for false promises of lowering the homeowners mortgage debt or payments. A New Horizon routinely gives credit counseling and helps consumers manage their debt so that it can be totally paid off. They advise that if you are thinking about modifying your mortgage you can apply for free to the federal House Reasonably priced Modification Program (HAMP) on your own.

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Marcus added, The only party that can grant a loan modification is your mortgage servicer, so dont rely upon promises of third parties, they can’t guarantee or pre-approve outcomes, and never spend an advance fee. In most instances an advance charge is illegal.

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Lastly the Treasury cautions that paying a third party to help with your HAMP application does not increase your likelihood of getting a mortgage modification.

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For a lot more info about A New Horizon Credit Counseling programs, contact 1-800-556-1548. They can also be located on the internet at http://www.anewhorizon.org, or reached through e-mail at slieberman@anewhorizon.org

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4 Ideas to Keep away from Loan Modification Scams Presented by Loan Relief Solutions

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Lake Forest, CA (PRWEB) Could four, 2009

Right now, loan modifications are increasing increasingly well-liked as a lot more property owners fall behind on their month-to-month mortgage payments. This increased recognition brings a growing quantity of scams by firms offering their loan modification assistance for a sizeable fee. Jason Lines, spokesman for Loan Relief Solutions, publisher of the do it yourself Loan Modification Guide and DYOLoanModification.com, nowadays supplied advice to aid home owners stay away from loan modification frauds.

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A loan modification is the approach by which a lender agrees to modify the current terms of a mortgage to a lot more favorable terms, such as a loan term extension, a modification of the monthly payment amounts, or a revised interest price. It is not a refinance, but rather, a modification of an current loan.

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According to current news reports*, the FBI is at the moment investigating roughly two,one hundred mortgage fraud instances, up 400 % from 5 years ago. To assist you stay away from becoming a victim of mortgage fraud, Lines gives the following suggestions.

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Tip #1: There are no loan modification guarantees.&#13

“Each and every borrower’s economic circumstance is unique and each and every lender has its personal loan modification criteria, generating it impossible for any firm to assure a loan modification,” says Lines. Profitable loan modifications include understanding what paperwork to prepare and how to prepare it, understanding your credit and how to enhance it, and presenting your case in terms that resonate with your lender. Even then, there is a chance – not a guarantee – that your loan will be modified.

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Tip #two: By no means spend a big quantity of income up front.&#13

Some loan modification firms ask anywhere from $ two,000 to $ five,000 in upfront costs – fees that might not get a effective loan modification. According to Lines, if you have $ 2,000 to $ five,000, you’re almost certainly better off paying your mortgage. Instead, he suggests employing a loan modification package to support you do your own loan modification, for a fraction of the price.

The McCann Law Group, LLP dba Consumer Lawyer Solutions Delivers Client Agreement Review to Aid Homeowners Stay away from Foreclosure Defense Scams

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Jacksonville, Florida (PRWEB) April 08, 2013

The McCann Law Group, LLP dba Customer Attorney Solutions aids homeowners stay away from foreclosure scams by providing a client agreement review from an lawyer for property owners enlisting the help of a foreclosure defense firm. Customer Lawyer Services strives to reduce deceptive practices amongst foreclosure defense businesses with their free of charge client agreement review in order to supply property owners with an opportunity at obtaining mortgage resolutions.

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Customer Lawyer Solutions believes it is unfortunate that some organizations try to prey on homeowners simply attempting to save their properties from foreclosure. Some businesses guarantee relief from foreclosure at a important economic expense even though initiating no actual work to increase a home owners scenario.

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Melissa Canone with KATC.com described a single such foreclosure scam in her March 2013 write-up in saying, Scam artists offer you to act as intermediaries among property owners and lenders and to negotiate repayment plans or loan modifications. In reality, they may pocket your money…

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Customer Lawyer Services agrees with Canones guidance on techniques to steer clear of foreclosure scams, Do not sign more than your deed without having consulting a trusted professional By no means agree to a title transfer before contemplating tips from your lawyer, economic adviser, credit counselor, or another independent individual you can trust.

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Customer Attorney Services assists property owners decrease the likelihood of becoming taken advantage of by a foreclosure defense scam by offering a client agreement overview on any client agreements necessary by foreclosure defense firms. Consumer Lawyer Solutions will execute the client agreement overview at no charge. You can request a Customer Attorney Services free client agreement review on Customer Lawyer Services internet site.

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By Consumer Lawyer Services supplying this no-cost client agreement evaluation service, Consumer Lawyer Solutions believes their client agreement overview can help set a truth and transparency trend. If more law firms followed suit, presented a cost-free client agreement overview across the US, property owners about the country could know with higher confidence if their funds is getting properly spent.

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Consumer Attorney Solutions is a complete service customer advocacy law firm headquartered in Jacksonville, Florida. Customer Lawyer Solutions helps families with foreclosure defense. Consumer Lawyer Services works on debt settlement. Customer Attorney Services also operates with bankruptcy law.

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Consumer Attorney Services hopes its commitment to helping homeowners with a client agreement overview service will help much more homeowners stay away from foreclosure scams. Customer Lawyer Services encourages a lot more law firms to provide client agreement critiques, and property owners to request a client agreement evaluation.

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Go to Customer Lawyer Solutions for much more details about the Consumer Attorney Solutions client agreement assessment. Request a client agreement evaluation on the client agreement evaluation page.

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ModTrainer.com the Answer To Loan Modification Scams And The Foreclosure Crises

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Sacramento, CA (PRWEB) August 25, 2009

ModTrainer.Com is proud to release its user friendly educational method developed to empower property owners who are struggling with their mortgage on how to confidently request a loan modification from their lender.

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“Loan Modifications are important to helping households maintain their properties, and with the scam modification businesses and the federal government programs not assisting adequate, modtrainer.com is an outstanding resource for struggling homeowners who want to stay in their properties but are obtaining it difficult to make their mortgage payments.” says Ken Henderson Director of Operations for ModTrainer.com.

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Created by seasoned loan modification pros the ModTrainer.com method contains the following elements:

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Forensic Mortgage Audit

Top “Main Street” Mortgage and Real Estate Scams Exposed in New eBook by D. Lance Roberts

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New York, NY (PRWEB) September 06, 2012

Mortgage and Real Estate Fraud is at an all time high. In 2008 The United States economy nearly collapsed. It’s no secret that the greed and corruption mitigated by Big Banks and Wall Street decimated the U.S. Real Estate Market and almost completely destroyed the economy. Most have heard of the various deceptive practices Wall Street used to defraud millions. The manipulation of CDO’s was a primary method of deception, credit default swaps were another.

Homeowners throughout the United States were enraged over this; millions are still being kicked out of their homes due to foreclosure. On the other hand, trillions of dollars went into the pockets of these crooks on Wall Street and for the most part many, to this day, have not been held accountable for their actions.

This corruption on Wall Street has been well documented. However, much less attention has been paid to the actions of those on Main Street. Main Street consists of Real Estate Agents, Mortgage Brokers, Loan Officers, Loan Processors, Title Companies, Loan Modification Companies, Real Estate Appraisers, and others, all operating in a neighborhood near you.

The Top “Main Street” Mortgage and Real Estate Scams of the 21st Century exposes the fraud and scams used by these Main Street players. Anything goes in this world of falsified documentation, identity theft, lying on mortgage applications, bank and wire fraud, embezzlement, and coercion.

Paid too much for your home? – Real Estate Agents. Refinanced your home and got robbed at the closing? – Mortgage Brokers, Loan Officers. Mortgage Loan Application exaggerated your income? – Loan Processors. Refinanced your mortgage and found out that it was never paid off? – Title Companies. Paid someone to represent you to negotiate a restructured mortgage, and you are still in foreclosure? – Loan Modification Companies. Way upside in your home due to inflated values? – Real Estate Appraisers.

One of the most amazing things about these scams is the fact that in most cases multiple players have to be involved to pull it off.

For example, In this scenario a homeowner with very little equity unable to sell his home is approached by a Realtor offering to represent this seller. As the Seller Agent he guarantees that he can sell the home; under certain “conditions.

THE PLAYERS

1) The Homeowner-Agrees to the scam

2) The Seller Agent-Originator of the scheme

3) The Buyer Agent-Brought in by the Seller Agent to make the transaction look legitimate

4) The Loan Officer-Provides the identity of the Straw Buyer

5) The Loan Processor-Submits the fraudulent mortgage application

6) The Appraiser-Inflates the value of the property

7) The Title Company-Conducts the fraudulent closing

In this scam, the Homeowner agrees to let the Real Estate Agent represent him because the sale is guaranteed, for a price (kickback). The Seller Agent contacts an Appraiser who will inflate the actual value of the property (for a fee of course). The Seller Agent pulls in his friend the Buyer Agent, to represent the buyer. There really is no buyer. From his rolodex, or the rolodex of his friend, the Loan Officer, emerges the “loan applicant” (stolen identity). This applicant has no intent to occupy the property; this person is totally unaware that they are in the process of applying for a mortgage. The loan application is submitted by the Loan Processor. The Title Company conducts the closing; the buyer is not present. How could he be? Once the deal closes the Real Estate Agents split the commission, the additional money now available due to the inflated property value is divided between the remaining participants. Incredible, but true.

About the Author

After witnessing this excessive fraud, greed and corruption in his 10 years experience in the industry, D. Lance Roberts decided to write this expos