Foreclosure trouble? The city says to watch out for the latest scam — loan modification companies.
CHICAGO (AP) — Foreclosure trouble? The city says to watch out for the latest scam — loan modification companies.
Loan modification companies tell people they can save homes or modify loans for a fee. But Mayor Richard M. Daley said Wednesday in a statement non-profits partnered with the city can help homeowners for free.
Daley tells homeowners to watch out for companies who:
— Ask for a fee before providing services
— Guarantee modified loan or stopped foreclosure
— Tell homeowners to stop paying mortgage
The city is also hosting its seventh "Fix Your Mortgage" event this weekend to help homeowners figure out President Barack Obama’s Home Affordable Modification program.
Copyright 2010 The Associated Press.
About Post Author
