Foreclosure Scams

March 14, 2009 12:00:00 AM PDT
On Saturday, Valley Congressman George Radanovich visited the Community Housing Council in North Fresno.On Saturday, Valley Congressman George Radanovich visited the Community Housing Council in North Fresno.

He talked about the stimulus package and how it will help people here in the Valley. It's called loan modification fraud. Scam artists target people facing foreclosure.

They tell them they can modify your loan and save your house in the process.

"Unfortunately, what's happening is a lot of these firms out of Southern and Romainorthern California are charging thousands of dollars to barrowers and doing absolutely nothing."

Sandy White examines mortgage and real estate fraud for a living. She said modifying your loan is a process, but it's not one you have to pay for. "They can go to a non-profit organization and unfortunately what most barrowers don't realize, you don't have to have outside help to modify your loan."

Congressman George Radanovich said called cram down, which is the ability for people to go to court to resettle their mortgages. They think that that will help about 75,000 homes nationally."

Radanovich and others admit, reversing the nation's foreclosure crisis won't happen overnight, but it will turn around eventually, one day at a time.

"It's a painstaking process for a lot of people. This is really tough, but this is something we have to work through before we can see the economy expand locally."

White's advice is to be aware of anyone who wants money upfront and make sure your loan agreement has specific language that will give you the right to cancel.

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