With over 9 million homes facing foreclosure and at least behind in their home payments. There is a surge in foreclosure rescue scams and fraud.
Be very cautious.
1. Fees: Do not pay any upfront fees. Most services do not require payment of fees upfront, some firms are asking for thousands of dollars in fees before they do anything.
2. Bait and Switch Scams: Do not sign paperwork until you fully understand. Some of these firms are having distressed homeowners sign a pile paperwork that they do not understand and they they loose their home. In some cases they go from homeowner to renter of their own home with the hope that they can buy the home back later, but the terms are just unrealistic.
Federal Loan Modification Law Center in California is also one of the firms that is under investigation. There have been many complaints. Of the 40-60, 000 calls they receive a month, they claim to have helped 1000 homeowners with loan modification.
NeighborWorks, a D.C. nonprofit group that is preparing a $6 million outreach program to alert homeowners about scams, has fought firms adopting similar names.
Be cautious of Neighborwork.com without the S.
If you are uncertain about how to proceed the federal government is cracking down on these foreclosure mortgage rescue firms as of April 6, 2009 there are teams investigating reports.
Federal, State Partners Announce Multi-Agency Crackdown
Targeting Foreclosure Rescue Scams, Loan Modification Fraud
April 6, 2009
tg-83
Civil Enforcement Cases, State Enforcement Actions, Alert to Financial Institutions Among New Efforts to Protect American Homeowners Seeking Relief
WASHINGTON – As homeowners and communities throughout the country continue to face devastating consequences from the deep contraction in the economy and the housing market, the Obama Administration today announced a new coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times. The new effort announced today aligns responses from federal law enforcement agencies, state investigators and prosecutors, civil enforcement authorities, and the private sector to protect homeowners seeking assistance under the Administration’s Making Home Affordable program from criminal actors looking to perpetrate predatory schemes.
Read more here:
Also, there are seminars and taking place on how to buy and sell foreclosures.
In Pasadena on April 13, 2009. California Foreclosure Institute presents a free two-hour workshop for investors and realtors on how to get started finding and buying foreclosure properties from 6:30 to 8:30pm April 13, 2009 in the auditorium of the Pasadena Library, 285 E. Walnut St. The workshop is complimentary but reservations are required. For more information or to register call 888.285.0101 or visit www.foreclosureworkshop.net
Apparently the Pasadena event has been canceled per Lloyd Segal.
An alternate date and close by: Wednesday, April 22, 2009
5:30 – 7:30 pm
Burbank Library
300 N. Buena Vista
Burbank, CA 91505
Thank you for registering for our Free Foreclosure Workshop. The date, time, and location are provided on our website. Please be sure you mark your calendar because this two-hour training will get you started as a foreclosure investor. There has NEVER been a more exciting time to buy foreclosure properties and we’ll show you how!
The workshop will be presented by California Foreclosure Institute and taught by Lloyd Segal, “California’s Leading Foreclosure Expert” and author of “Stop Foreclosure Now.”
If you have any questions in the interim, please feel free to contact us at 310-379-0101 or info@ForeclosureWorkshop.net.
Looking forward to seeing you at the workshop!
The Team at California Foreclosure Institute
PS. Bring a friend or family member. Investing is always more fun when you do it together.
California Foreclosure Institute
www.foreclosureworkshop.net
2450 Colorado Blvd.
Suite 4000W
Santa Monica, CA 90404-3576
Phone: 310-379-0101
Loan Modification Software and DVD you can buy for $99 with no strings attached. I would bet this type of software dvd is available at your library or online for free.
Reference: LoanModDVD
Cost: $99
Website: https://www.loanmoddvd.com
Contact Information
LoanModDVD.com
23679 Calabasas Road, Suite 777
Calabasas, CA 91302
Telephone: 877-DVD-2009
Facsimile: (866) 310-4694
E-mail: info@loanmoddvd.com
