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Web Site Helps Identify Potential Loan Modification Scams

By:
Peter King - MortgageLoan.com

Mortgage fraud is a growing problem. But there are some new tools that can help you avoid becoming a victim or help catch the scammers if you do get burned.

The Loan Modification Scam Prevention Network, an initiative headed by Fannie Mae, Freddie Mac along with leading lawyers’ and consumer groups, has launched a nationwide campaign to fight loan modification scams. A major element is a web site, www.PreventLoanScams.org, that serves as a national clearinghouse for information on loan modification scams and complaints.
 

Identify potential scammers

 
For consumers, one of the most useful tools on the site is access to the names of individuals and organizations whom authorities have identified as alleged perpetrators of loan modification scams. So, if you’re in danger of losing your home and are approached by someone offering loan modification services, you can check them out through the web site and see if they have any complaints filed against them.
 
The site also provides information on how to recognize potential loan modification scams and avoid being victimized, as well as state-specific information on rules and regulations regarding loan modifications in your state, as well as information on other resources available to homeowners.
 
If you do fall victim to a loan modification scam, the site allows you to file an electronic complaint form to help authorities identify the perpetrators and add their names to the database.
 
"By working together we can help the public identify alleged loan modification scam artists, learn how these scams work, and give them a new way to fight mortgage fraud," said Senior Vice President Hollis McLoughlin, Freddie Mac. "The Network's new website form will enable citizens to report fraud artists to law enforcement agencies before other borrowers are swindled out of their homes."
 

Frauds increasing with foreclosure crisis

 
Loan modification scams have become increasingly common as the foreclosure crisis has worsened and financially stressed homeowners fear losing their homes. Loan modification scammers take advantage of vulnerable homeowners by promising to help them restructure their mortgage for a substantial fee, but fail to deliver on their promises. In other cases, they use legal trickery to even swindle the homeowner out of the home itself, or to siphon off mortgage payments intended for the lender.
 
The Mortgage Asset Research Institute, a division of LexisNexis, recently reported that incidents of mortgage fraud rose 7 percent in 2009, following a 26 percent increase in 2008. Florida had the highest rate of fraud, followed by New York, California, Arizona and Michigan, respectively.
 
In addition to Fannie Mae and Freddie Mac, the initiative is lead by the Lawyers' Committee for Civil Rights Under Law and the consumer organization NeighborWorks America. Other partners include the U.S. Department of Treasury, HUD, the Federal Trade Commission, the Department of Justice and F.B.I., F.D.I.C., various state attorneys general, the HOPE NOW Alliance, National Urban League and others.

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