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Mortgage fraud is a growing problem according to the Department of Consumer Affairs. Scammers are targeting homeowners behind on their payments. They claim to modify your loan. But they charge you up front, and have nothing to show for it.
Margaret Alexander is battling cancer and has been unable to pay her mortgage while on disability. She thought an offer for a loan modification would keep a roof over her head.
“Here is this company saying we can help you with your modification get your payment knocked down, get my payment lowered and I’m like, wow, that’s what I need,” said Alexander.
She paid nearly $700 dollars upfront, but the loan modification company has only made her money problems worse.
Read more: http://www2.wspa.com/news/2010/jul/15/mortgage-fraud-targets-homeowners-risk-foreclosure-ar-585750/
