In this market there are a lot of desperate people seeking help and just as much scammers coming out of the woods looking for someone to take advantage of. I thought I had seen it all, but unfortunately everyday I see and hear about something lower than the latest scam as if there was a contest to see who can scam who the fastest and easiest?
The latest scam involves the actual lenders themselves who contact borrowers....
and send them letters that they are pre-approved for a loan modification and then request that the borrowers send in money ranging from about $1,500-6,000 or even more in order to complete the loan modification. Once the borrower sends the lender a check and it is cashed, a short time later the borrower gets notified that their loan modification was denied due to low income or a number of other “excuses”, but they keep the borrower’s money. Lenders continue to prey on desperate homeowners and do so without a conscience. At the same time they pose with Government officials and non-profits saying they are helping and at the same time tell borrowers to not talk use the services of a private party and tell borrowers that loan modification companys are a scam. But in the end, who’s scamming who?
Read my entire article, "The Truth About Loan Mods" by clicking here....
Are the government and lenders in Cahoots-you bet they are! Welcome to the most powerful political action group in the USA! Yes, it's the financial institutions, the same ones who created the atmosphere for a recession, the same ones who got fat from the fees and exorbitant interest they charged on ARMS, and the same ones who got nearly zero interest rate loans from the government and who charge credit card holders interest rates and fees only a mafia boss could condone. It's about time the lenders start giving homeowners real loan modifications, including cutting the principle balance to no more than !05% of the value of the property. When they start giving back is when the recession will ease. When people are secure in their homes, have extra money from the modification and believe they will eventually have equity in their property is when the country will ease itself from the grip of fear and uncertainty and the recession will wain.
Posted by: Michael A. Hanna | 05/25/2009 at 11:36 AM
Michael, I thought that I had seen it all until I have witnessed the corruption, deceit and lies that I have seen from lenders themselves. I don't think that Government is in on this intentionally, they are just dropping the ball. Government's problem is that they continue to let them get away with things and don't put more REAL pressure on lenders to do the right thing. Anyone can pose and say they want to help, but not everyone comes through other than trying to look good to the community and public.
I could write a book on this and I just might.
It is a complete sham and shame what has happened, continues to happen and the way we allow it to continue without any accountability.
Posted by: Robert Aldana | 05/25/2009 at 09:46 PM