David Saks: MORTGAGE MODIFICATION SCAM TARGETS SPANISH LANGUAGE

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

MORTGAGE MODIFICATION SCAM TARGETS SPANISH LANGUAGE

Mortgage Modification Scam Targets Spanish Speakers

Freedom Companies Marketing, Inc., Freedom Companies, Inc., Freedom Companies Lending, and Freedom Financial Mortgage (Freedom) have been targeting Spanish speaking Idaho homeowners with false promises of a government-guaranteed mortgage loan modification for a large upfront fee.

The company promises homeowners lower monthly mortgage payments, but Idaho homeowners who succumbed to the up-front payment scam received nothing but empty promises for an unlawful upfront fee of $1,995.

Homeowners trying to avoid foreclosure continue to fall prey to upfront-fee loan modification scams.

Gavin Gee, director of the Idaho Department of Finance, issued the warning.

"This company, using the term 'Freedom' in its name, asks homeowners for private financial information, charges an unlawful upfront fee, and then leaves already distressed homeowners worse off than they were before. That's not 'Freedom;' that's a scam."

"Some of the offending companies purport to be law firms or imply representation by attorneys to lower mortgage payments. These offers can be tempting to distressed homeowners seeking relief, but all too often they end up being nothing more than empty promises."

"Mortgage modification companies, including short-sale negotiation service providers who don't have an Idaho real estate license, are required to be licensed with the department before offering their services in Idaho," Gee said. Other than third-party charges or charges approved by the department, Idaho law prohibits the charging of upfront fees prior to completion of a mortgage modification.

Gee advised Idaho homeowners considering doing business with a mortgage modification company to make certain the loan modification company is licensed with the Department of Finance. Licensed companies are listed on the department's website at http://finance.idaho.gov.

Homeowners who feel they may be the target or victim of mortgage loan modification fraud are encouraged to contact the department at (208) 332-8002 or Idaho toll-free at 1-888-346-3378.

Courtesy Mortgage Fraud Blog




David Saks



Time&Temp Memphis

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Comment balloon 4 commentsDavid Saks • September 07 2011 02:11PM

Comments

Thank you for posting this!  I was just targeted for 2 scams as of last week.  Of course, it smelled of "Scammer!" all the way.  Always important to keep people abreast of the new shenanigans these guys come up with.

Posted by Jennifer Chiongbian, Real Estate Broker - NYC (Specializing in all types of Manhattan apts & townhouses) almost 9 years ago

Thank you for your comment, Jennifer, and for reviewing.

Posted by David Saks ((retired)) almost 9 years ago

Hello!! I just found this post from a CNN fan about exactly this company you were talking about in this entry. It is our duty to spread the word just like the author says.... By the way I like your blog very much...

Here is the link from the CNN website:

http://ireport.cnn.com/docs/DOC-721349

Posted by Bryan Smith over 8 years ago

Thanks for your comment and link, Bryan.

Posted by David Saks ((retired)) over 8 years ago

This blog does not allow anonymous comments