Avoid These 6 Mortgage Relief Scams. Avoid these 6 mortgage relief scams. Homeowners trying to avoid foreclosure are stressed and scared. They have become a prime target of con artists who prey on vulnerable people. Nonprofit organizations and government agencies are working together to warn consumers of the danger of mortgage relief scams and how to avoid them. Many mortgage scammers have been arrested, but plenty more are trying to take advantage of homeowners' financial woes. Here are some examples of common mortgage relief scams. Scammers posing as official counselors. Several Florida men were arrested in August 2. Home Owners Protection Economics Inc., or HOPE, meant to mimic the name of HOPE NOW, a public- private alliance of lenders, nonprofit housing counselors and other mortgage- industry participants. The scammers claimed to be connected with the homeowners' lenders or said they had already been approved for a loan modification under the Home Affordable Modification Program, or HAMP. They demanded an upfront fee for their services. The scammers would tell people that they found violations 9. He told these homeowners to stop making their mortgage payments and to avoid contact with their lenders. A lot of scammers tell people they can guarantee a loan modification or guarantee that they can stop a foreclosure, but unfortunately a guarantee is never possible. Jones warns that some scammers, knowing consumers have been warned against paying an upfront fee, now wait until a second or third meeting before requesting a fee. Homeowners should never pay a fee for loan modification assistance. Government and nonprofit housing counselors provide this service for free. HUD > Program Offices > Housing > Single Family > Housing Counselors > EHLP > HUD Emergency Homeowner Loan Program (EHLP) HUD Office of Housing. Making Home Affordable. Help for America's Homeowners. Avoiding Foreclosure. The Home Affordable Modification Program (HAMP). HAMP is part of the Making Home Affordable program (MHA). Want to know what program participants are saying about applying. Oregon Homeownership Stabilization Initiative. Advising you to stop contacting your lender. In March 2. 01. 2, three scammers were arrested on charges of committing fraud against California homeowners. They were Gregory and Cynthia Flahive, ex- spouses and co- owners of Flahive Law Corporation, and the firm's managing attorney, Mike Johnson. In addition to requiring upfront fees in exchange for loan modification assistance, the Flahives told one homeowner to reject his lender's offer of a loan modification. They told that homeowner that they could get a better deal. Here's a look at who qualifies for a mortgage refinance under President Obama's new home-foreclosure relief plan.Instead, the home was lost to foreclosure within four months. Always talk to your servicer directly. The caller requests a bank routing number or other personal information to . One of the newest is for a scammer to tell the homeowner they will put their money in an escrow account and hold it during the loan modification process. Once the money is in the account, they drain it and disappear. And don't pay a fee for housing counseling. Mass joinder scam. Jones says fake and even legitimate law firms send notices to homeowners, including some who are not in financial distress, that claim the homeowners have been wronged by their lenders and may be eligible for restitution. Anyone who guarantees a loan modification from your lender or guarantees that a foreclosure can be prevented cannot be telling the truth. Reporting a scam. If you believe you are the victim of a mortgage relief scam, you can contact one of the following agencies to report it. BBB. org/us/scam- source. FTC. gov or call (8. Government Mortgage Relief Programs Loan Modification. The purpose of a mortgage loan modification is to get your monthly payment to a more affordable level. An “affordable” mortgage payment is typically defined as 31% of. Obama’s Foreclosure Relief Program Was Designed to Help Bankers, Not. Alice Emile of Freeport, New York, wanted to die at home. On April 24, 2009, she passed away. Prevent. Loan. Scams. HOPENOW. com or (8. Making. Home. Affordable. Sigtarp. gov/contact.
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