The unabated foreclosure crisis has spawned soaring mortgage relief scams and related complaints from consumers, according to law enforcement and consumer protection authorities. The most telling statistic was released by the Federal Trade Commission yesterday in its annual review, which reported that nearly 1 million fraud and identity theft complaints were filed last year. In the category of “mortgage modification/foreclosure relief,” only 1 complaint was filed in 2008. That number rocketed to 7,927 last year, the FTC said. And those likely represent a fraction of all such scams or other issues with foreclosure rescue services, since more cases than not go unreported.
Foreclosure Crisis Spurs Soaring Mortgage Relief Scams
Most Popular Articles
Latest Articles
Did lower mortgage rates slow housing inventory growth?
After two weeks of significant increases, my model for inventory growth with higher mortgage rates came crashing down last week.
-
Labor market report is good news for mortgage rates
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts