Fraud agency alerts consumers of scam
The Ulster County Consumer Fraud Bureau is encouraging homeowners to be cautious when dealing with loan modifications. Although loan modification scams are typically initiated via phone or mail, at times the individuals running the scams go to the homes they are targeting.
Companies offer homeowners services to renegotiate their mortgage for an upfront fee, often one month’s mortgage payment or more. Homeowners may end up paying for work that could have been done for free by nonprofit organizations or loan-modification assistance programs, and in some cases pay for work that is not done at all.