PARAMOUNT MORTGAGE - LENDER'S BLOG

May 22nd, 2009 9:42 AM
Mortgage Scam Alert

Reported by Bottom Line "The World's Best Inside Information"

The Bottom Line Personal newsletter has reported on a disturbing trend affecting troubled homeowners. Scammers, misrepresenting themselves as "loss-mitigation specialists," are preying on these consumers.

According to Henry Sommer, Esq., a Philadelphia attorney and president of the National Association of Consumer Bankruptcy Attorneys, these thieves "charge upfront fees of as much as several thousand dollars" and claim that they can help get modified loans for people that are having trouble paying their mortgages.
 
Once the victim pays they may never see their money or their "loss-mitigation specialist" again. Unwittingly they may have also hastened their own bankruptcy or foreclosure with a loss of much needed personal funds at a critical time in their lives.
 
The Homeowner Affordability and Stability Plan, announced by President Obama earlier this year in February, was crafted to provide relief for these homeowners. It provides $75 billion to help families prevent foreclosure and stabilize hard-hit communities.
 
The Plan includes a loan modification program which provides incentives for lenders to modify the loans of borrowers who are at risk of foreclosure if their incomes are not sufficient to make their mortgage payments. It also includes refinance opportunities for borrowers who are current on their mortgage payments but have been unable to refinance because their homes have decreased in value.
 
Bottom Line offers a self-defense tactic to stop these "cheats" and the havoc they may wreck on unsuspecting homeowners.  Nonprofit housing agencies, approved by the Department of Housing and Urban Development (HUD), provide free housing counseling. On their website, HUD lists 15 approved agencies in the St. Louis metropolitan area alone. Troubled homeowners can easily get the help they need from one of these trusted sources.

HUD Approved Counseling Agencies in Missouri: Approved Agencies

Up-to-date information on the Making Home Affordable program: Affordable Home
Posted by Customer Service on May 22nd, 2009 9:42 AMPost a Comment (0)
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