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Caution: Beware of Loan Modification Scams


Scam artists across the country are preying on homeowners who are facing foreclosure or seeking a loan modification. Anyone can be a victim – but you don’t have to be.

Loan Modification Scam Alert

The red flags include people or companies that:

·Ask for fees in advance

·Guarantee they can stop a foreclosure or get your loan modified

·Tell you to stop paying your mortgage company and pay them instead

-Pressure you to sign paperwork you haven't had a chance to read thoroughly and that you don't fully understand

-Claim they're offering "government-approved" or "official government" loan modifications

-Ask you to release financial information online or over the phone, even though you've never heard of them

For loan modification guidance from a HUD-approved counseling agency or to report a scam, call 888 995-HOPE or click here.

About the campaign
Loan modification scams are proliferating at a rapid pace. Every day, scam artists prey on unsuspecting homeowners who are facing foreclosure. These homeowners are losing thousands of dollars and their homes—lured by the promise of loan modification help.

To combat this issue, Congress asked NeighborWorks America® to launch a national public education campaign. The campaign will empower homeowners to protect themselves against loan modification scams, find trusted help and report illegal activity to authorities.

NeighborWorks America is working with national, state and local partners on the ground and 235 community-based affiliates. Together, we will alert thousands of homeowners in hundreds of at-risk communities through real-life scam stories, fliers, postcards, e-cards, posters, print advertising, local PSAs, events, word of mouth and social media activity.

About the Planning Committee
The Rhode Island Loan Modification Scam Campaign Planning Committee is a statewide partnership of government, enforcement and non-profit agencies who came together in early 2010 because of their concern about the financial danger Rhode Island homeowners may be in when approached by local or national rescue scam companies. Learning about the national public awareness campaign sponsored by NeighborWorks America and other national partners, planning committee partners have initiated a year long statewide loan modifications scam campaign launched on April 7, 2010 at the Rhode Island State House. Planning committee partners include FDIC, Providence Field Office of the US Department of Housing and Urban Development (HUD), Rhode Island Housing, Housing Network of Rhode Island, Rhode Island Department of the Attorney General, Rhode Island Department of Business Regulation, Rhode Island Housing Resources Commission, Rhode Island Legal Services, City of Providence, NeighborWorks Blackstone River Valley, West Elmwood Housing Development Corporation, Community Works Rhode Island, and Money Management International.

Resources
2010 News release

 

Affiliated Sites

Rhode Island Housing Help Center HHFRI Rhode Island Housing Online Homebuyer Education HousingSearchRI.org HousingWorksRI Fair Housing Rhode Island Equal Housing Opportunity