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Mortgage fraud is back on the rampage and most of it is popping up in the loan modification market. It is unfortunate, but many people take advantage of new opportunities to feed on the less knowledgable.
As I was surveying the headlines and trying to learn more about these fraud scams I came across–MFI-Mod Squad. This is a privately held investigation firm that specializes in loan modification fraud (sad there is enough business to have a specialty).
The site has some great consumer advice on loan modification questions to ask companies helping to modify your loan. However, some of the most interesting reading was the “true crime” type detail on what a real loan modification scam looks like, giving you specific insight on what to avoid.
In the world of Bernie Madoffs and Stanford Financial, it is not only important as a consumer to know what these scams look like, but also as a loan officer, debt counselor, or mortgage broker to make sure you don’t get innocently tangled up in working for one of these fraudsters.
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