This article is from the Wall Street Journal, James R. Hagerty (3/11/09)
Scam artists are proliferating, attempting to make money off troubled borrowers interested in taking advantage of President Barack Obama's foreclosure-prevention plan.
The firms charge fee for what they tell borrowers will be quick and effective negotiations with banks. In most cases, the firms take the home owners' money-often more than $1,000-and do nothing.
The Federal Reserve recently issued this advice for people seeking to modify their mortgages:
*Work only with HUD-approved nonprofit counselors. (see www.hud.gov)
*Don't agree to pay a fee before you are provided with the promised service.
*Beware of people offering "guaranteed" results.
*Don't sign blank forms or documents you have not read.
Thursday, March 19, 2009
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