Posted on | October 15, 2012 |
The California Department of Corporations and the California Department of Real Estate on Monday, Oct. 15, warned consumers of mortgage loan modification and home refinancing scams.
If anyone tries to collect a fee in advance, beware.
Those practices are illegal, the state agencies said.
?Advance fees for loan modifications have been illegal in California since 2009,? said Corporations Commissioner Jan Lynn Owen. ?Anyone trying to charge a homeowner upfront for such a service is violating the law and should be reported.?
The announcement follows a string of indictments against boilerplate operations that used telephone calls and mass mailings to target homeowners in financial distress.
Other scams being tested now include proposals to sign over your home to a third party to avoid foreclosure and to stop making payments or even default on your mortgage loan as a means to gain negotiating leverage with your bank. Neither of these options will prevent foreclosure and could result in a property owner losing their home even sooner than if the bank were to foreclose, the agencies said.
Before hiring anyone to help modify a loan, consumers should contact the Department of Real Estate at (877) DRE-4LIC or www.dre.ca.gov To file a complaint against a mortgage loan modification consultant, consumers should contact the Attorney General?s Office, Public Inquiry Unit at (800) 952-5225 or visit www.oag.ca.gov
To verify the license of someone servicing or negotiating terms of a mortgage loan, consumers should contact the Department of Corporations at (866) ASK-CORP or www.corp.ca.gov
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