Americans have been losing their homes and are driven to very desperate conditions, and that just spurs greedy opportunists on to prey on the vulnerable lot. It’s a good thing government officials have now begun the crackdown on mortgage scammers.
Mortgage scams take advantage of borrowers by charging them upfront fees of $1,000 to $3,000 for borrowers to be able to modify their current loan arrangements. Rarely do these new arrangements pay off especially if the borrower is already in danger of defaulting.
Scammers take different routes to attract borrowers. E-mail spam and dummy websites have been popular choices, using officially-sounding names to create a front that they are part of the government’s efforts to help homeowners keep their homes through refinancing.
Illinois Attorney General Lisa Madigan said, “If you are struggling to make your mortgage payment, or if you are facing foreclosure, stay away from anyone who says that they will save your home for money upfront.”
Officials promised to shut down such operations.
Source: ABC News
