Homeowners beware of new scams for loan modifications and foreclosure prevention

LOS ANGELES (Dec. 19) – The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) is distributing a public service announcement (PSA) to television and radio stations across California to warn consumers that they are at risk from scammers who offer phony mortgage modification schemes to troubled borrowers.

Especially in this down economy, con artists use many different tactics to prey upon home owners, making the stressful situation of facing foreclosure even more difficult.  Moreover, there’s no need for these services.  Working with third party operators may not improve a home owner’s chance of payment modification. Furthermore, certain advice that may be provided by these third parties, like stopping mortgage payments, can be extremely detrimental to working with the homeowner’s mortgage servicer.

According to the Federal Trade Commission, these scammers review foreclosure notices in newspapers, the Internet, and public files to identify potential victims. Ads that scammers place online, on television, and in newspapers claiming to “Stop foreclosure now” and offering “money back guarantees” are suspect and should be reviewed cautiously by the home owner. 

Please contact your Real Estate Consultant, Regina Singh for further information.
Regina@ReginaSingh.com or (714)883-5205.


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