PHOENIX – A nationwide investigation is bringing down companies accused of preying on homeowners in desperate situations — offering home loan modifications to avoid foreclosure, all for a fee — but those homeowners didn’t get anything in return.
“Hope for Homeowners Now” in Glendale is one of two companies in Arizona caught in the sting.
Federal and state officials are calling it a loan modification scheme.
John and Susan Anderson paid about $3,000 to have their loan modified. The company claimed to reduce interest rates in a few months — now, they’ve been shut down.
Hope for Homeowners Now is on the list of more than 115 alleged modification scammers named by officials in Las Vegas.
“Since we have so many foreclosures, that means homeowners in Arizona are in the target for these scams,” says Attorney General Terry Goddard.
