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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 ...
NeighborWorks, a national nonprofit created by Congress in 1974, has launched a campaign that is loan modification scam central: tips on how to spot scams, numbers to call if you suspect you are ...
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 ...
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
Foreclosure rescue in the United States is where a mortgage that is in arrears and where the lender is at the stage of foreclosing on the loan agrees to stop the foreclosure in exchange for funds received through loan modification or from a government grant. It may also refer to funds that allow the homeowner to repurchase the property at or ...
The federal government has shut down 85 alleged online loan modification scams, and secured the cooperation of Google to stop the purportedly false advertising by those web operations. The ...
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.
A collection of 25 federal and state agencies have lodged a total of 189 actions against individuals and companies who allegedly deceived consumers into paying for bogus foreclosure rescue and ...