Posted by dickb/wi on 9/14/09 12:04pm
Msg #303808

Loan Mod Co's in WI............


Wisconsin Real Estate News


"Wisconsin Is Warning Homeowners About Loan Modification Scams and Foreclosure Rescue Scams"
WEAU-TV (Eau Claire, WI) (09/08/09)

The Wisconsin Department of Justice has teamed up with the Wisconsin Department of Agriculture, Trade and Consumer Protection to issue a consumer advisory on foreclosure "rescue" services and loan workout solicitations. The number of complaints about both practices has been on the rise over the past few months. Chiefly, these "rescuers" look to make a quick buck or commit outright fraud by preying on a homeowner's financial and emotional distress. Attorney General J.B. Van Hollen states, "While we will pursue those who perpetrate these scams, it is important that the public be aware of the tactics being used so that they can take steps to protect themselves." Janet Jenkins, administrator of the state's Division of Trade and Consumer Protection, also is advising Wisconsin homeowners to be aware of this form of fraud. She remarks, "Homeowners are being bombarded with advertising from companies claiming they can save homes, reduce mortgage payments or find free money for consumers. Unfortunately, often the only one that receives any benefit from these transactions is the business committing the fraud." Loan modification scams and foreclosure rescue schemes are the two most common forms of these frauds.
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