The Providence Journal had a great article on mortgage loan modification scams. Here is an excerpt.
“Richard Godfrey, executive director of Rhode Island Housing, said that Rhode Island, which has been experiencing “800 foreclosures a month, virtually for two years, unabated,” has been fertile ground for loan-modification scam operators.
Typically, scam artists charge up-front fees, make promises that are too good to be true, then abscond with the money without ever lifting a finger to help distressed homeowners, speakers said.
“There should be a special place in hell for people who prey on people who are down to their last dollar,” Godfrey said.
“Bad guys aren’t always easy to spot,” said Federal Deposit Insurance Corporation director Thomas J. Curry.”
Read the rest of this article, click here.