Homeowners Lose Thousands in Loan Modification Scam - NBC4 Washington

Susan Hogan and the Consumer Watch team covering your consumer concerns

Homeowners Lose Thousands in Loan Modification Scam

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    NEWSLETTERS

    Emotional homeowners explained how they lost thousands of dollars after they paid money for a loan modification they never received. (Published Wednesday, May 20, 2015)

    Emotional homeowners explained how they lost thousands of dollars after they paid money for a loan modification they never received.

    They are stories of homes lost in foreclosure or nearing it.

    The Federal Trade Commission said it’s a scam that spans across the country.

    Jonathan Cohen, an attorney at the Federal Trade Commission offers these tips to help homeowners protect themselves from becoming a victim of fraud:

    Home Mortgage Modification Scam Victims Share Their Stories

    [DC] Home Mortgage Modification Scam Victims Share Their Stories
    Local victims share their emotional stories of what the Federal Trade Commission calls a home mortgage modification scam that affects about 500 people across the country.
    (Published Wednesday, May 20, 2015)

    • Never send a payment to any address other than the one on your mortgage statement.
    • It’s very unlikely homeowners who need loan modifications will be contacted by a third party in the mail or over the phone
    • The best help is free. If anyone asks for money for help getting a loan modification, it’s an enormous red flag.