Tuesday, June 2, 2009

FBI Prepares For Financial Fraud

With a large amount of money available from government mortgage bailout plans, the FBI is anticipating a wave of fraud and corruption as nefarious scammers look to take advantage of unsuspecting homeowners. Many of us have already seen this, with so called loan modification or foreclosure rescue companies that require thousands of dollars from homeowners hoping to stave off foreclosure. These rescue companies require certified nonrefundable funds up front, with absolutely no promise or commitment to do anything. The FTC has already filed lawsuits against five mortgage modification and foreclosure rescue companies, and also sent warning letters to 71 others "that are marketing potentially deceptive mortgage modification and foreclosure assistance programs."

One legitimate place to find help is through the federal government's Hope Now program at http://hopenow.com.


Renee K. said...

The very FIRST call to make is directly to the lender! Contrary to what these loss mitigation folks would have you believe, it actually IS possible to just apply directly with the lender.

Alex Y. said...

Contact your lender first before paying thousands of dollars to a company that may or may not help you? Well that's just crazy talk!