Bogus schemes to help troubled borrowers save their homes from foreclosure were the fastest growing source of consumer complaints in 2009, according to an annual survey conducted by the Consumer Federation of America.
The CFA survey found that 20% of state and local consumer agency respondents said bogus foreclosure rescue scams were the fastest growing complaint they received last year. Most of the complaints were related to credit and debt.
"Consumers who are desperately trying to fend off collection agencies or save their homes from foreclosure are prey to scammers who offer to help them and then take their money and run," said CFA consumer protection director Susan Grant.
CFA advises consumers to "reject unsolicited offers of help from any company except the lenders to whom you send your mortgage payments."
If borrowers can't afford their mortgage payments, they should contact their lender to work out a loan modification or a HUD-certified housing counselor, CFA says.
Daily Briefing | Thursday, September 2, 2010
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FHFA Sets New Affordable Housing Goals for GSEs
The GSE regulator Thursday issued new affordable goals that Fannie Mae and Freddie Mac are expected to meet this calendar year.
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Warehouse Lending Chief Out at Southwest Securities
David Frase, executive vice president in charge of warehouse lending at Southwest Securities FSB, Dallas, has left the company, industry officials confirmed to National Mortgage News.
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MBA: Commercial Delinquency Rates Mixed
Delinquency rates on commercial mortgages were mixed in the second quarter. The rate on banks' commercial and multifamily mortgages appears to have reached a plateau, while the delinquency rate for loans in commercial securities continued to climb during the period, according to the latest data from the MBA.
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Pending Home Sales Rise but NAR Not Optimistic
The National Association of Realtors' gauge of future home sales rose 5.2% in July after falling 28% since April when two federal tax credits for home buyers expired.
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Credit Union Will Give Away Foreclosed Home
CP Federal Credit, Jackson, Miss., will give away a foreclosed home on Friday during a noon ceremony at its headquarters, as part of its "Wish Upon A Home" giveaway program.
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REBNY Supports Amendments to Disclosure Law
New York State Governor David Paterson has signed into law amendments to the state’s real estate agency disclosure law to take effect on January 1, 2011, which will permit consumers to give their advance consent to dual agency representation.
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Fixed Rates Hit More Record Lows
Fixed-rate mortgages as well as the five-year adjustable rate loan tracked by Freddie Mac continue to reach record lows.
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S&P Admits Texas Firm to Select Servicer List
Standard & Poor's Corp. this week added ZAIS Servicing Asset Management, Dallas, to its "Select" servicer list for firms working in the commercial mortgage specialty servicer space.
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Sales Figures Increase for GRC
REO asset manager and loss mit provider Green River Capital says during the first half of 2010 it has increased REO assignments by nearly 8% from the same period in 2009 and decreased the time each property spends on the market by almost 15% compared to figures during the last 12 months.
