Renee Grosz's Real Estate Blog

  A news release was sent out from The Federal Housing Authority regarding fraudulent loan modification companies. HUD Secretary Donovan said “We have families on the edge of foreclosure that are being offered things that are too good to be true, and we will take every measure we can to educate and protect consumers and homeowners, bring these scams to light, and work to prevent con artists from exploiting the housing crisis. There are legitimate people, places, and agencies that American families can turn to when they are facing foreclosure, starting with MakingHomeAffordableand the Homeowner’s HOPE Hotline at 1-888-995-HOPE for free foreclosure counseling assistance.” The California Department of Real Estate recently issued a fraud warning alerting consumers about loan modification scams and informing consumers of what they can do to protect themselves. The alert is available in both English and Spanish.  Last July, the Department of Real Estate had fewer than 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October, the Department of Real Estate has filed more than 200 view the list at The California Department of Real Estate if the Desist and Refrain Orders. If your thinking about contacting a Loan Modification Company please do your home work first!