Short Sale Specialist Network
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Loan Modification Scams Named One of the Top 10 Scams in 2011
The Better Business Bureau listed Mortgage Loan Modification Scams as one of their Top 10 Scams of 2011 and we’re not surprised.
We talk to many distressed homeowners who were looking to lower their mortgage payments or refinance and fell victim to one of these scams.
After investigating thousands of scams last year, the Better Business Bureau divided them into categories and picked the top scam in each category. They put these loan modification scams under their Top Financial Scam category. There were many variations of loan modification scams, but they all took advantage of people who were desperate to hold onto their homes after a job loss or when the value of their homes decreased.
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