Loan Modification Scams On The Increase


As more and more homeowners face the threat of foreclosure, scam artists are moving into the loan modification arena. The Office of the Comptroller of the Currency, which regulates nationally chartered banks, is warning consumers to beware of such crooks.

“They may tell consumers to stop paying their mortgages while the con artist works out a modification agreement with the lender, and they may require payment of large up-front fees for their services,” says the agency. “In reality, the scammer pockets the money and never provides the promised services.”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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