Friday, June 11, 2010

Scam, Scam, Scam

The newest scam mortgage lenders are perpetuating on unsuspecting buyers is costing buyers their homes. Home Affordable Modification Program, otherwise known as HAMP, is a US Treasury program designed to help at-risk homeowners.

Unfortunately, lenders have found a way to screw homeowners - while lining their pockets with government funds.

Each homeowner that signs up for the HAMP program generates $1000.00 for the lender. The homeowner is required to make 3 [three] trial payments to satisfy the program requirements before the loan modification is approved. During this time, Lender "loses" the homeowner's paperwork which makes it impossible for the homeowner to complete the modification within the allotted time period. Therefore, an extension is granted, which is considered a new modification -- which means another $1000.00 for the lender!!!


The lenders are not discriminating based upon gender, race, disability, et-al. They will screw anyone over.

Hence the class action suit[s] about to be filed. Therefore, if you have been a victim of "lost paperwork" and shifty loan modifications [HAMP] contact a local lawyer and/or HUD office to find out where to have your name included on the class action list.

You're not alone!

1 comment:

Traci said...

We are losing our home because of this very thing. They are so crooked. Made us send paperwork like it was a bad habit. Told us we make to much to qualify for the HAMP but we don't make enough for them to consider an in house refi. They still haven't foreclosed but it is only a matter of time. I will be on that class action suit.