For distressed homeowners in danger of losing their home, there are already a lot of problems. The last thing a homeowner in this situation needs is to fall victim to a scam. Unfortunately, people in this situation are often the most vulnerable to a kind of fraud called “mortgage relief fraud.”
Fraudsters will prey on people who are looking for a loan modification, short sale or other foreclosure alternative because these are the most common options for distressed homeowners.
There have been legal cases brought against many, but scammers always try to stay a step ahead of law enforcement. Even though many of them have been caught, there are still people who prey on vulnerable homeowners with too-good-to-be-true promises.
In fact, in a recent example highlighted in the New York Times, con artists told homeowners that they represented the bank and that the homeowners were already approved for a loan modification. Only after the homeowners paid thousands of dollars up front did the truth come to light.
I have a report that outlines the most common forms of mortgage relief fraud. Download it for free to educate yourself, then contact me for a free confidential consultation to ensure that you or someone you know doesn’t become the next victim!
Dana Burk, Principal Broker