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March 9th, 2009

Fed Continues Foreclosure Scam Prevention

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As part of their “5 Tips” series on avoiding foreclosure scams, the Federal Reserve Board issued some additional tips to help “consumers select a reputable counselor and avoid fraudulent foreclosure scams.”

Some of Fed’s latest tips include:

  • Work only with a non-profit HUD-approved counselor.  For a list of certified counselors visit www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 877-HUD-1515 (877-483-1515).  If the name of the organization you are working with isn’t on the list, then switch to one that is.
  • Don’t pay an arm and a leg.  Most housing counselors provide no- or low-cost counseling services.  You should not have to pay hundreds, or thousands, of dollars for assistance.
  • If you feel you are a victim of foreclosure fraud, trust your instincts and ask for help. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the Consumer Action Website.

For additional foreclosure resources, be sure to visit our page “Foreclosure Help: What You Need to Know and Where You Need To Go.”

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5 Responses to “Fed Continues Foreclosure Scam Prevention”

  1. foreclosure relief Says: March 9th, 2009 at 10:42 pm

    I agree. If you are in need of a recovery firm, do background checking just to be sure that they have licensed councilors to help.

  2. Tim Manni Says: March 10th, 2009 at 10:45 am

    foreclosure relief,

    Good point. Just make your life easier and go through a government agency like HUD. Yet, I’m sure there are scammers out there that try to disguise themselves as HUD sponsored. Do your homework first and be safe. Thanks for your comment.

    -Tim

  3. Barbara Ann Jackson Says: March 18th, 2009 at 10:19 pm

    A thorough investigation is needed for the FORECLOSURE FRAUD which is causing people to FALSELY lose ownership of their properties and become evicted; it cheats Investors, and certain mortgage companies. This fraud occurs when debt collector attorneys deliberately file judicial foreclosures under names of defunct mortgage companies, or companies which do not own the promissory notes, effecting illegal seizures. Those collectors charge fees far beyond “Acceleration Clauses,” thereby making it impossible for borrowers to recover their properties or bring current mortgage arrears. Incredibly (through use of another’s identity), the foreclosure “plaintiff” is actually sometimes the disguised collector. SEE: http://chuckgallagher.wordpress.com/2008/01/03/foreclosure-fraud-an-interesting-variation-of-mortgage-fraud-comments-ethics-speaker-chuck-gallagher/.

    Collectors make even more $$$ from protracted litigations for “Unfair Debt Collection Practices,” etc. (*Example of foreclosure litigation in: “Super Future Equities v. Wells Fargo Bank, et al.”) Accordingly, people actually HAVE NOT lost ownership of their properties, but those owners don’t know it!! For predatory and deceptive mortgage lenders, foreclosure frauds are bonanzas because it makes possible real estate FLIPPING frauds, and misleads Investors concerning housing markets. SEE:
    http://www.lawgrace.org/2008/09/14/lehman-brothers%E2%80%99-mortgage-troubles-nationally-evidence-of-foreclosure-fraud-deception-and-conspiracy-with-wells-fargo-deceptive-judicial-filings/

    Foreclosure fraud also enables mortgage companies like Wells Fargo Bank to file with the IRS false 1099-A’s and 1099-C’s and receive unlawful tax write offs and tax credits. SEE:
    http://www.lawgrace.org/2008/08/08/my-august-8-2008-statement-to-the-louisiana-secretary-of-state-office-of-financial-institutions-concerning-wells-fargo-irs-and-mortgage-frauds-sham-foreclosures-and-judicial-collusion-and-national-app/. Also, some unscrupulous debt collector attorneys are committing fraud in Bankruptcy Court by filing sham “lift stay” motions via use of movants which lack STANDING. For irrefutable proof and extensive details about real estate fraud, visit: http://www.lawgrace.org.

    Barbara Ann Jackson
    Law & Grace, Inc.

  4. Ziller Says: July 23rd, 2009 at 1:36 am

    Hey man, thanks for the blog post, really great info here. Thanks Again!

  5. Tim Manni Says: July 24th, 2009 at 10:49 am

    Tom,

    No problem, thanks for reading.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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