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Mortgage modification scam watchdog cheers federal crackdown!
There is light after the tunnel, finally something is happening to the people that are taking advantage of other while they are down, just about to foreclose, doing a loan Modification, trying to save their home.
This is amazing and true! be careful and look at your options he in California.
This is a great article by
WASHINGTON --Since early 2010, a leading civil rights group has helped compile a database of approximately 26,000 complaints about mortgage modification scams -- attempts by fraudsters to take advantage of those hardest hit by the housing market meltdown.
The people making those complaints have reported losses of $63 million to the National Loan Modification Scam Database. And the Lawyers' Committee for Civil Rights Under Law, which manages the database, has filed 10 civil suits in conjunction with other organizations to try to halt mortgage assistance operations in California and New York.
The group said it was happy to hear that federal officials were cracking down on the scams with criminal charges, which adds another dimension to the fight in addition to civil fines.
“For some of these folks, the fines might be the cost of doing business,” said Yolanda McGill, senior counsel in the Fair Housing and Lending Project at the lawyers' group. “So the risk of jail time is important in all the efforts going on to stop this.”
This is a great article I thought you would like to read it!
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