Massachusetts Attorney General Martha Coakley recently filed a lawsuit
against several alleged nonprofit foreclosure relief organizations that took advantage of homeowners in need of mortgage help by illegally demanding upfront payments for assistance in getting a loan modification.
Sadly, this has become an all too common scenario. Homeowners desperate to find a solution unknowingly turn to fraudulent organizations who seek to profit from their distress. Scammers use a variety of tactics to defraud homeowners, and have become harder to spot due to their complex and sophisticated nature
HPF reminds homeowners that the best way to spot a scammer is to know the warning signs of a scam
. The biggest red flag is if an individual or company requires upfront payments for loan modifications or foreclosure assistance. Remember: such fees are illegal and will not guarantee that a homeowner finds a solution.
HPF’s team of anti-scam counselors offers free education on the different types of foreclosure prevention scams and how to avoid them. They also relay the information they receive from scam victims to law enforcement agencies that are continually investigating scam artists and companies. So, if you have been the victim of a scam, we encourage you to report it.
For free mortgage and foreclosure help – or to report suspected fraudulent activity – please call our HOPE Hotline at 888-995-HOPE (4673) today. It is important that homeowners experiencing mortgage challenges know their options – and even more important that they know help exists for free.