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December 09, 2014

FYI - Anti-Mortgage Scam Effort Launched in NY


Borrowing Power Increase

Attorney General Eric T. Schneiderman has launched AGScamHelp, a website where financially troubled homeowners can check out companies offering to help them avoid foreclosure.  The site lists firms vetted by a government agency and also urges homeowners to work with one of the 85+ housing counseling and legal service providers participating in the AG’s Homeowner Protection Program (HOPP).  The AGs Office also says it will mail monthly tips on avoiding foreclosure scams to NY homeowners who are within 90 days of a potential foreclosure filing.

Announcement of the AG's new site comes on the heels of a new study claiming foreclosure scams, like false loan modification promises, cost victims in New York City an average of $4,187 per household.  This is 27% higher than the national average of $3,296, according to "Who Can You Trust? The Foreclosure Rescue Scam in New York," which was written by the Center for NYC Neighborhoods and Lawyers' Committee for Civil Rights Under Law.  The study says 2,700 New Yorkers submitted foreclosure rescue scam complaints between March 2010 and September 2014, which document more than $8 million in losses.

For more information on mortgage scams, visit Freddie Mac’s on-line guide to avoiding mortgage fraud.

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