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Protection From Loan & Mortgage Fraudsters

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By Nerissa Sardi on April 06, 2009 11:36 AM

The US government announced today that it is implementing a multi-agency crackdown on fraudsters who attempt to scam homeowners and mortgage-holders looking for loan relief and modifications.

Since the housing crisis began, officials have seen a 26% increase in mortgage fraud claims. According to the San Francisco Chronicle Rhode Island is current top state for this type of fraud followed by Florida, Illinois, Georgia, Maryland, New York, Michigan, California, Missouri and Colorado.

Borrowers looking for assistance often have options at their disposal and should take the time to fully understand them before taking action including understanding the alternatives to foreclosure and knowing what to do if behind on monthly mortgage payments.

If It's Too Good to Be True...
Not all mortgage modification services or professionals are fraudulent, but distressed borrowers seeking help would be wise to work with a reputable and established financial institution, organization or professional. The borrower should clearly understand their rights, ask questions and beware of predatory lending practices. For more information, check out FindLaw's Common Law blog post about Mortgage Loan Modification Scams.



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