In Maryland and D.C., A Mortgage Fraud Alert
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Maryland is on the FBI's top ten list for states with the most mortgage fraud, and the District is among those areas "newly identified as having significant mortgage fraud problems," according to a recent report. And, the FBI says, economic stimulus programs could fuel further increases.
In particular, foreclosure-rescue and loan-modification schemes are "emerging as recent vulnerabilities," the report says.
"Homeowners are falsely told that their mortgages would be renegotiated, their monthly payments would be reduced, and delinquent loan amounts would be renegotiated. . . . Perpetrators require an up-front fee ranging from $1,500 to $5,000 from homeowners. . . . Perpetrators often request that the victim homeowners stop payments and communication with their lender.
"When victims receive delinquency and foreclosure notices, the perpetrators convince them that the loan was renegotiated, but that the lender needs a good faith payment to secure the new account."
-- Elizabeth Razzi
The Local Address blog is at http:/
