The McCann Law Group, LLP is in the process of creating a helpful video to inform homeowners about a potential loan modification scam and/or ripoff.
Jacksonville, Fla. October – The McCann Law Group, LLP is in the process of creating a helpful video to inform homeowners about a potential loan modification scam and/or ripoff. The McCann Law Group hopes more homeowners will be able to identify warning signs for loan modification scams and avoid becoming a victim with the release of its new video.
After the burst of the housing bubble, many homeowners fell victim to a foreclosure scam or loan modification ripoff. The McCann Law Group believes the problem has not fully gone away since some homeowners may still get taken advantage of even today. As a result, the McCann Law Group hopes to educate homeowners through an informative video in order to help them recognize warning signs for potential scams and ripoffs.
The new video the McCann Law Group will soon release informs homeowners about how to identify two major problems within the foreclosure industry including false foreclosure counseling and what’s commonly called a “loan modification redirect.”
False foreclosure counseling typically involves convincing homeowners to pay a high upfront retainer fee for help with a loan modification or foreclosure defense. After the fee has been paid, the scamming company or individual will typically perform little to no work. When homeowners are finally able to realize the nature of the scam, it is often too late to save the home.
Conversely, a loan modification redirect commonly involves a scammer pretending to negotiate for a loan modification when in reality they may perform no work at all. Typically, the scammer will take a portion of the homeowner’s money for themselves and then use the rest to pay a different foreclosure defense company to try and negotiate the loan modification.
The video on foreclosure ripoffs and loan modification scams by the McCann Law Group describes six warning signs for homeowners to look out for when searching for help with foreclosure. These warning signs include:
High upfront fee to modify a mortgage
A 100% guarantee to get a loan modification
Stop paying the mortgage in order to pay the company
Sign the title of the home over for the company to begin working
The company guarantees “official government supported” mortgage modification programs
The company is not a law firm or HUD-approved agency and requires release of significant personal and financial information online or over the telephone
Hopefully, more homeowners will learn how to avoid a foreclosure ripoff and loan modification scam with The McCann Law Group’s release of its new informative video later this month.
The McCann Law Group, LLP is a full service consumer advocacy law firm headquartered in Jacksonville, Florida, helping families with foreclosure defense, debt settlement, bankruptcy law, and more.
Media Contact
Company Name: The McCann Law Group
Contact Person: Brian Smith
Email: Send Email
Phone: 904-503-9999
City: Jacksonville
State: Florida
Country: United States
Website: www.themccannlawgroup.com
Source: www.abnewswire.com