Loan Modification Scam Alert

With the national foreclosure rate persistently high, many homeowners have turned to loan modification or foreclosure "rescue" companies for help – only to realize they've been scammed. Loan modification scams take advantage of individuals with the promise of assistance, but in fact are targeting those already the most vulnerable.  Here are tips for recognizing loan modification scams:

 

- A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage. 

- A company/person guarantees they can stop a foreclosure or get your loan modified.  Nobody can guarantee this.

- A company/person advises you to stop paying your mortgage company and pay them instead.

- A company/person you don’t know asks you to release personal financial information online or over the phone.  Only give this information to trusted sources.

 

 

If you suspect that you or someone you know has been a victim of, or is at risk of, a loan modification scam, please contact Lee Lin, Housing Counselor at ACDC for referral services.  See the following websites for more information:

 

http://www.loanscamalert.org [1] (English)http://www.loanscamalert.org/chinese.aspx  (Chinese)

 

 

Additional Information
The Asian Community Development Corporation is a member organization of the National CAPACD [2] and a certified housing counseling agency. To learn more on the services we provide, please call (617) 482 2380 x208 or email chop@asiancdc.org [3].