March 18th, 2009
08:42 AM ET

Mortgage scams still out there

Program Note: Tune in tonight as Anderson reports live from Detroit on AC360° at 10 p.m. ET.

Susan Tompor
The Detroit Free Press

As consumers hear about new ways to get loan modifications, they should avoid the old mortgage scams, too.

Kathy Williams, housing coordinator for Oakland County's Community and Home Improvement Division, said consumers should be wary of anyone who calls you out of the blue and offers some sort of rescue plan. And she warned that more scam artists could be calling.

The National Federation for Credit Counseling noted this week that the confusion surrounding the federal government's "Making Home Affordable" plan may play into future scams.


Filed under: Economy • Housing Market
soundoff (3 Responses)

    What should be done is to aks yourself is sounds too good to be true, it probably is. The only loan one should seek is at a fixed rate. Most of the Variable rates are scams.

    March 18, 2009 at 8:48 pm |
  2. JC-Los Angeles

    California is and always will be the epicenter of mortgage fraud and, regardless of industry, the world heavyweight champion of scams.

    Whether it was Angelo Mozilo and his Countrywide Fraud Factory or countless bogus production companies that loot investors and pay entertainment executives the big bucks, California is in a league of it's own.

    March 18, 2009 at 2:25 pm |
  3. Michael "C" Lorton, Virginia

    Nothing stops "greed,"---it is a disease that is mestatic, undifferentiated and resistant.

    March 18, 2009 at 12:26 pm |