Friday, December 2, 2011

Federal Agencies Crack Down on HAMP Fraud

Some scam artists are preying on home owners looking to refinance using the government’s Home Affordable Modification Program. As such, federal agencies are banding together forming a task force aimed at cracking down on con artists who are falsely claiming they can save home owners’ mortgages through HAMP, HousingWire reports.

The new task force recently issued a warning to home owners looking to refinance their mortgage: Only your mortgage servicer can grant you a loan modification through HAMP so don’t be duped by scam artists saying they can help with HAMP. Any third-party promising to guarantee a loan modification or pre-approve a loan modification or trying to charge an advance fee for a loan modification may be involved in a scam, the agencies warned in a public statement.

The task force cautions home owners to "beware of individuals or companies that ask you for payment and tout success rates or claim to be experts in HAMP."

The federal agencies involved in the HAMP fraud investigations are the Office of the Special Inspector General for the Troubled Asset Relief Program, the Consumer Financial Protection Bureau, and the Department of the Treasury.

To check on the validity of companies or individuals who display HAMP seals or logos, call the HOPE hotline, 888-995-HOPE.

Source: “Federal Agencies Form Task Force to Fight HAMP Fraud,” HousingWire (Dec. 1, 2011)

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