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Mortgage loan modification scams are designed to take your money with the false promise of preventing foreclosure. “Scam artists offer to act as an intermediary between the homeowner and the ...
Desperation is powerful fodder for scams and a troubled and problem-plagued federal loan modification program offers added opportunity for scamming. So it comes as no surprise that the New Jersey ...
The Flex Modification program is a conventional loan modification program designed to help homeowners who are experiencing long-term or permanent financial hardship. Using this program can help ...
Loan modification: This is a process whereby a homeowner's mortgage is modified and both lender and homeowner are bound by the new terms. The most common modifications are lowering the interest rate and extending the term to up to 40 years. Reduction in the principal balance, however, is so rare that the Federal Reserve wrote in a report that ...
Some of the problems ProPublica uncovered echo complaints WalletPop heard when we wrote about troubles with the federal Home Affordable Modification Program last year: trial modifications being ...
Loan modification is the systematic alteration of mortgage loan agreements that help those having problems making the payments by reducing interest rates, monthly payments or principal balances. Lending institutions could make one or more of these changes to relieve financial pressure on borrowers to prevent the condition of foreclosure.
Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
SALT LAKE CITY -- A man who owned a loan modification business in Lehi and St. George is being accused of defrauding homeowners to pay for personal expenses including entertainment and his wife's ...