SENSE AND CENTSIBILITY Consumer Alert: 5 Ways to Spot a Loan Modification Scam
Many homeowners are facing a seemingly never-ending sea of document requests and resubmission of paperwork to their lenders. There is an increase in mail and telephone solicitations as well. Many of t... Posted on 4/25/13 at 10:09 AM
With reports last week week that more than 14 million American homeowners are in foreclosure or delinquent on their mortgage payments, Commerce Commissioner Mike Rothman advised struggling Minnesota homeowners to use caution as they pursue modifications to their home loans.
With a struggling economy and a shortage of credit, many consumers are financially squeezed and looking for help. Some people may be looking for new ways to obtain financing or additional income from sources where they have not sought it before. In these difficult economic times, there are scam artists waiting to take advantage of those whose budgets are squeezed with financial scams.
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