Friday, May 6, 2011
From California Association of Realtors
To get around federal laws outlawing people from charging up-front fees for mortgage modification, fraudulent mortgage modifiers are approaching homeowners in default and offering to pay cash for the home and lease it back to the owners.
However, once the mortgage is paid off, the scammer effectively owns the house and does not lease it back to the original owner.
If you or someone you know is in a similar situation with their home, encourage them not to grab onto the thing that seems too good to be true...