Home Foreclosure Scams
One side issue of the home foreclosure crisis in Minnesota has been a huge increase in loan modification scams. Reports of these scams to the Federal Trade Commission rocketed from just one in 2008 to nearly 8,000 the following year. Many people are aware that there are legitimate programs to help people who get behind on their mortgages or are "under water," and scam artists often prey on people by appearing to be legitimate.A coalition of businesses, nonprofits, and government have developed a campaign called "Look Before You Leap" to educate consumers, help them identify fraudulent offers, and connect them with legitimate loan modification and credit counseling resources.
The Star Tribune recently ran a story about the campaign and loan modification scams.
Labels: finance, media, public safety
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