Friday, March 13, 2009

Caveat Emptor: Beware of Mortgage Modification Scams

Some people have no shame and will take advantage of anyone for a buck.  And now many of those vultures are posing as mortgage modification brokers.

If you feel that you have been taken advantage of by a so-called mortgage modification broker report them immediately to your local State's Attorney General's Office and/or your local District Attorney.

New Jersey's attorney general has filed civil lawsuits against two Camden County companies accused of preying on homeowners facing foreclosures.

The companies billed themselves as loan-modification services that could negotiate with lenders to prevent foreclosures.

The companies took payments up-front from customers, then did nothing to help them, Attorney General Anne Milgram said yesterday..

The Camden County companies took names and operated Web sites intended to give the impression that they were affiliated with federal government-sponsored programs like the Hope Now Alliance and Hope for Homeowners, the complaints said.

One company, in Cherry Hill, used the name Hope Now Financial. The second company, in Bellmawr, is called New Hope Modification

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