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April 25th, 2009

Don’t Be Fooled By Fake Federal Assistance



That’s just one piece of important advice being offered by the Office of the Comptroller of the Currency’s “Consumer Tips for Avoiding Mortgage Modification Scams and Foreclosure Rescue Scams.” The OCC’s latest consumer advisory, released this week, warned homeowners not to be fooled by professional-looking advertisements, commercials, face-to-face introductions, and especially fake Federal or governmental services.

For example, “Call 1-800- Fed-Loan,” may be a scam warns the OCC. “Some companies trick borrowers into believing that they are affiliated with or are approved by the government or tell you that you must pay them high fees to qualify for government loan modification programs.” Legitimate Federal programs will never require payment for their assistance.

Be sure to read the OCC’s entire release of consumer tips for a full description of the types of scams out on the market right now, ways to protect yourself, as well as the legitimate websites and telephone numbers offering counseling, and loan mod and foreclosure-assistance services.

HSH.com has also designed a page full of foreclosure assistance resources from not only government-sponsored programs, but those underway at some of the nation’s top banks as well.

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3 Responses to “Don’t Be Fooled By Fake Federal Assistance”

  1. Esko Kiuru Says: April 26th, 2009 at 6:10 pm

    The scam artists are out there in force, trying to take advantage of people in distress. One of the more obvious signs of a fraudster is that when he offers mortgage modification services he also asks for money upfront. That is a no-no. And a time to contact a legitimate government agency, HUD is a good place to start with, that provides free advise.

  2. Tim Manni Says: April 27th, 2009 at 11:44 am

    Well said Esko. You’re right, if someone’s looking for money upfront, they’re up to no good. Stick with a legit government agency — HUD is a great place to start. Thanks for the advice.

    Thanks for commenting,

  3. Loan Modification Application - Important Facts to Know to Get | One Mortgage Refinancing Says: May 3rd, 2009 at 11:26 am

    [...] Don’t Be Fooled By Fake Federal Assistance (hsh.com) [...]

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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 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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