Listen: Investigative Journalist John Mattes Warns About Mortgage Scams
Mattes phoned in to America’s Radio News to warn about mortgage and Home Loan Modification scams, in these tough, economic times.
Help for Homeowners
UPDATE AUG 30 Today a report was released indicating that the banks have actually helped over 130,000 homeowners with over $10.5 billion in relief. So read on and take action now!
Yes, there really is hope for underwater homeowners and for families that lost their homes in foreclosure. It may sound hard to believe but it’s true that there are banks out there that do want to help America’s families. Banks have finally agreed to help homeowners in distress.
Before you run out and hug a bank official, a word of context. Banks are not reaching out to homeowners out of community good will. Many have faced nationwide investigation and litigation by state and federal authorities, and they are reaching out in order to settle the cases.
So here is how it works. As part of the court settlement, Bank of America has mailed out letters to 200,000 homeowners offering mortgage modifications. To qualify, homeowners must be 60 days behind in payments, be employed and the home must be underwater. The 11 billion dollar program is real, but sadly, many homeowners who have received the letters think it is all a scam and have not responded. After all, who trusts a letter from the bank? The result is that many homeowners are missing out on an incredible opportunity . Also other banks are part of the deal so you need to check with your bank.Ally, Bank of America, Citi, Chase and Wells Fargo are banks that also are now part of the program
Another program that many have also ignored is a program that provides an independent review of foreclosures. Remember robo-signing of foreclosures and the stories of banks improperly foreclosing on homes? Well the stories were true. Again, in a settlement with authorities, banks have agreed to conduct an independent review of foreclosures done between 2009 and 2010. If the review finds there were errors in the foreclosure, a family who lost their home can get compensation. The free program is open until September 30, 2012.
As with many other so-called homeowner help programs, this program has been only utilized by a few, as most families do not believe anything they get from their bank. Who can blame them?
So bottom line, take a leap of faith and at least try out the programs. There is nothing to lose and perhaps there is money to be gained. Take my word and try it. Remember, though, only go to the real websites and to the banks directly. You might be pleasantly surprised. Bottom line there is $25 billion out there to help you.
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