Foreclosure Frauds and Scams

The Latest Foreclosure Rescue Scam–Forensic Loan Audits When the mortgage crisis hit American homeowners full-force, companies offering “foreclosure rescue” and “loan modification” companies sprouted like weeds. Most promised troubled homeowners quick fixes for high fees, and failed to deliver after collecting their money, leaving families poorer and closer to homelessness. The new flood of loan [...]

FinCEN Says Foreclosure Scam Reports Rose Dramatically in 2009 Posted By Kerry Curry On June 17, 2010 @ 6:15 PM The number of suspicious activity reports (SARs) from financial institutions related to foreclosure scams dramatically increased last year, according to a new report from the Financial Crimes Enforcement Network (FinCEN). The report also noted that [...]

Look Before You Leap: Out to quell foreclosure fraud and related scams The Look Before You Leap campaign warns of illegitimate loan modification companies. There will be an event at 10:30 a.m. Tuesday on the East Side of St. Paul, one of the areas hardest hit by foreclosure, featuring homeowners who have agreed to share [...]

The Obama administration announced a new plan on March 26, 2010 as an expansion of its efforts to prevent foreclosure. The new plan will provide mortgage help to unemployed and “underwater” homeowners. The administration officials said that lenders have been slow to implement the Home Affordable Modification Program and so, only about 170,000 homeowners have [...]

NeighborWorks, a national nonprofit created by Congress in 1974, has launched a campaign that is loan modification scam central: tips on how to spot scams, numbers to call if you suspect you are being scammed and poignant vignettes of people who have been scammed. The timing for a national anti-scam campaign seems good: With foreclosures [...]