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New Housing Regulations Could Benefit Scammers

An article in the Wall Street Journal yesterday advised homeowners to beware of companies that charge fees for help with loan modification services.  These services are actually available for free, and many people have reported paying fees of $1,000 to $2,000 for credit repair or loan modification help that never materialized.

They report that scammers are likely to take advantage of the publicity surrounding the new loan modification options available.

The Journal advises going to www.hud.gov, and to first call the loan servicer before seeking aid from a third party.  They also note that the mortgage industry has a “Hope Hotline” that might also be useful, at 888-995-4673 or www.hopenow.com.

Here’s a link to the Wall Street Journal article.

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