The possibility of losing a home to foreclosure can leave homeowners feeling frightened and desperate. Many unscrupulous companies and scam artists are taking advantage of this vulnerability by peddling fraudulent loan mod services, loan audits, class actions (‘mass joinder’), trustee postponement services, and other predatory schemes.
Loan Mod & Upfront Fees
It is illegal for anyone, including lawyers, to charge up-front fees for loan modification services. California banned up-front fees because loan modifications have a 95% FAILURE RATE. The much-hyped government programs are an unmitigated disaster and the internal programs at the banks don’t work either. Taking money upfront or on a monthly basis for loan mod services is illegal and a sure sign of fraud.
Trial Payment Plans & Trial Mods
Trial modifications and trial payment plans are proving to be a FRAUDULENT BANK TACTIC to collect as much money as possible from borrowers just before denying a permanent loan modification and pushing through the pending foreclosure.
Trustee postponement services are now a widespread SCAM used by loan mod companies and lawyers to take money upfront or on a monthly basis. They falsely claim to be able to postpone a foreclosure by writing letters and challenging the process. This is an absolute, proven scam. In the worst cases of abuse, the scam artist may file bankruptcy without your knowledge.
Short Sale "Experts"
Real estate agents are being “certified” as short sale experts (like CDPE and SFR) simply by taking a weekend course or even by watching online videos. Short sales are full of legal, tax, and contract issues that only an Attorney/Realtor® can analyze and address. The short sale expert “certifications” are an advertising ploy to help real estate agents fool homeowners.
Scammers "Teaming Up" With Lawyers
This scam is very prevalent because most homeowners understand the need for legal representation but cannot afford the fees. Therefore, loan mod companies, real estate agents, and others are now claiming to be “affiliated” with a law firm or they claim to have attorneys “on staff” to help the homeowner. This type of arrangement is UNETHICAL AND ILLEGAL. With Lawyers Realty Group you are directly represented by an attorney who is also a licensed Realtor®: A true expert representing your interests exclusively.
Loan Audits & Mass Joinder
Securitization Audits, Forensic Loan Audits, class action, and mass joinder claims are PROVEN SWINDLES and have landed a number of attorneys IN JAIL. Search for “loan audit” or “mass joinder” on the Attorney General’s website at www.oag.ca.gov.
Mers & Produce the Note
The Internet is full of lore about someone getting their home free and clear of the mortgage because the bank couldn’t produce the note or because MERS was involved. This is an absolute, 100% losing argument in California. Don’t fall victim.
Investors Rent Back Schemes & Flippers
There is a flood of “all-cash buyers” knocking on doors and leaving handwritten notes saying that they want to buy the home. This is just one of many “quick turn” or “flipping” schemes prevalent in the distressed market. These investors are coming up with multiple pleas and pitches to ensnare homeowners