The NY Times today has an editorial about how predators are lurking out there to scam homeowners whose mortgages are in default and are desperate for a solution.
These predators are storefront operations, they are entities that target vulnerable people with mailers offering false hope and easy solutions, such as sharply reduced mortgage rates – and the services they provide are not that different than what non-profits do for free.
Further, some charge 1 percent of the outstanding loan amount.
Unfortunately, these entities are largely unregulated and so they lure consumers in desperate straits into their clutches.
Read the editorial here.
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