Thursday, September 24, 2009

The Growing Risk of Mortgage Modification Scams

With more people at risk of losing their jobs, and in turn their homes, there is a growing risk that companies will take advantage of those in a tight financial spot.

Today's version of Marketplace, a radio program produced for NPR by American Public Media, highlighted the ever growing risk of fraud by mortgage modification companies:

"Dubious mortgage-modification firms like 21st Century Legal Services help homeowners renegotiate their mortgages, but only in exchange for big upfront fees. Steve Henn reports on how these companies rip off desperate homeowners, then disappear."

Listen to the audio version here

Or, read the full transcript of the story here

- Quatrini Rafferty -