Daily Archives: March 4, 2009

Foreclosure Rescue Scams

The airwaves are full of the false advertising, “the secret credit card companies don’t want you to know.”  The secret they don’t tell you is you pay and get no guarantee of anything.

An Ohio foreclosure scam outfit operated with attorneys, who were busted.

These outfits are everywhere, check with the state Attorney General’s office.  Better Business Bureau, not so much.  They are springing up like mushrooms in a wet, neglected basement, and many will fold before much of a record can be gathered on them.

Here is another blog post on one of the common foreclosure avoidance scams.

Here is what one informed consumer attorney  has to say about one of the scams:  “Any group that uses a name like “Federal Loan Modification Center” is inherently bad.  The use of such names is done with the intent to give the impression that the entity is somehow affiliated with the federal government or has special access to government programs.  Therefore, it is not engaged in a legitimate business operation.”

Who are the attorneys which “comprise” the company?  Who are the real estate consultants (er, I mean, the former mortgage brokers and real estate agents that got our clients into these crappy loans in the first place)?  And how is it that attorneys are able to conduct business with non-attorneys when they are supposedly practicing law?  Last time I checked, that’s a violation of most if not all states’ ethical rules.

Go to the blog link on the site and you find out that the company is owned and operated by some blowhard realtor who is selling his books – Foreclosure for Dummies and Short Sales for Dummies, and he has managed to get some of the news organizations to let him shoot his mouth off, because apparently when realtors take their 2 month training courses (if that) about how to sell real estate, they also get an entire law school education on reading statutes, contract law, real estate law, fraud, unfair and deceptive acts, etc.  so he is free to give out legal advise as if he knows what he is talking about.

Foreclosure Rescue Scams

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Obama’s Loan Modification

U. S. News has a good summary of the Obama housing plan that started today, though the report I had was the lines were busy. No surprise, if 7 to 9 million people can be helped.