Article by: 911-Foreclosure
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Beginning in mid-July: the California Real Estate Department, California Attorney General and the Federal Trade Commission buckle down on Scam Foreclosure Rescue Companies. 198 companies across the nation are being jointly sued for deceiving distraught home owners with upfront fees, fraudulent statements, and illegal gestures.

Several states such as Arizona, Florida, Nevada and California were hurt the worst during the subprime loan catastrophe. Now the same companies who granted lucrative mortgages to unqualified homeowners are soliciting these same borrowers to modify the very same mortgage they once sold.

Most of the unscrupulous companies charge heavy upfront fees and then do little if any follow up once they receive the money. Desperate homeowners seeking a way out of financial straits are paying $1,500 – $4,000 to get help. Often, that money is a total waste.
The Fox News report that accompanies this article clearly displays one loan modification company’s acceptance of the charges being thrust against them. It is clear that this company’s outlook is solely focused on their “limited outlook” on what they consider a success. What the movie or visit http://www.youtube.com/loanmodhelpme to view it in our channel.

Many of the lawsuits are filed against loan modification companies that charged unsuspecting homeowners upfront fees before they filed and received approvals from the California Real Estate Dept., which requires all companies involved in loan modifications to submit and receive approval for their “advance fee agreement”. Hundreds of companies have violated this regulation.

Here is a list of the many companies and individuals that have received cease and desist orders or other accusations by the California Department of Real Estate – http://www.dre.ca.gov/cons_drs.asp.
And here is a list of individuals that have engaged in unlicensed activities – http://secure.dre.ca.gov/publicasp/unlicenseddnr.asp

As you can plainly see by looking at these lists, there are probably thousands of companies and individuals that would like nothing better to wring cash out the very same homeowners that can least afford it. Be very wary of any individual that claims he can arrange a modification for you after you pay a large upfront fee. Better to arm yourself with the information we offer here and handle the modification yourself.

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Filed under: Finance

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