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The Foreclosure Scam Story

Wreckage in Barrie

False advertising fills the airwaves: “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.

The State of Ohio busted a foreclosure scam outfit operated with attorneys.

Check with your state’s Attorney General’s office.

Better Business Bureau, not so much.

These scam outfits are springing up like mushrooms in a wet, neglected basement, and many will fold, move on, and re-open with a different name before much of a record can be gathered on them.

Common foreclosure avoidance scams are highlighted in the linked to post.

“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.”

So says one informed consumer attorney.

Which attorneys which “comprise” the company?

And what about the “real estate consultants” (er, I mean, the former mortgage brokers and real estate agents that got folks into these crappy loans in the first place)?

How is it that attorneys are able to split business with non-attorneys when they are supposedly practicing law?

That’s a violation of most if not all states’ ethical rules.

And these online lawyers are always out of state, so it is hard to chase them, and useless to report them to your state’s Bar Association.

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, if you google the name and check out the website.

Perhapshe has managed to get some of the news organizations to let him shoot his mouth off, because apparently, when some realtors take their 2 month training courses (if that) about how to sell real estate, they get an entire law school education on reading statutes, contract law, real estate law, fraud, unfair and deceptive acts, etc.  so are free to give out legal advice.


The Foreclosure Scam Story

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One Response to The Foreclosure Scam Story

Scams On Saving Your House From Foreclosure

Desperate homeowners facing foreclosure can be easy targets for con artists. They steer their victims away from bankruptcy attorneys: “Don’t ruin your credit!” Just like: “Contact us for free information about the secret the credit card companies don’t want you to know about!” Makes my blood boil. What sounds too good to be true, well,Continue Reading

One Response to Scams On Saving Your House From Foreclosure

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One Response to Avoid Foreclosure With Non-Bankruptcy Cramdown?

Chapter 13 Bankruptcy Reform – Bankers Oppose

Stunning news, the bailed out, whose appetite, and need, for our money knows no bounds, oppose Chapter 13 bankruptcy reform that would let homeowners avoid foreclosure and keep their homes by allowing bankruptcy courts to re-write the terms of their mortgages. It is time to yell (OK, maybe speak) to our representatives, that they haveContinue Reading

New Bankruptcy Law

Citibank announced support for the Chapter 13 bankruptcy reform legislation which would allow cramdown of mortgages secured by residences. Not all bankers are on board. One trade group dumped on Citibank for supporting the bankruptcy reform that would help homeowners avoid foreclosure by allowing bankruptcy courts to re-write mortgages down to the balance owed, andContinue Reading