Monday, August 10, 2009

Mortgage Modification Scams

The U.S. Department of Treasury has issued a consumer advisory regarding loan modification scams. According to the warning, here are the top ten signs of a scam:

“Pay us $1,000, and we’ll save your home.”

“I guarantee I will save your home – trust me.”

“Sign over your home, and we’ll let you stay in it.”

“Stop paying your mortgage.”

“If your lender calls, don’t talk to them.”

“Your lender never had the legal authority to make a loan.”

“Just sign this now; we’ll fill in the blanks later.”

“Call 1-800-Fed-Loan.”

“File for bankruptcy and keep your home.”

“Why haven’t you replied to our offer? Do you want to live on the streets?”

The four page pamphlet can be downloaded here:

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