J.D. Power and Associates reports: Switching intent among customers increases up to threefold when banks are acquired

J.D. Power and Associates reports: Switching intent among customers increases up to threefold when banks are acquired

April 22, 2009

OCC offers tips to avoid mortgage modification and foreclosure avoidance scamsMortgagePress.comOffice of the Comptroller of the Currency, loan modification, foreclosure, scams
The Office of the Comptroller of the Currency (OCC) has issued a
consumer advisory to help homeowners avoid scams that claim to help
them save their homes, but can cause them to lose their homes and
their money.
Con artists prey on homeowners who are falling behind on their
loans in many ways. For instance, they may tell consumers to stop
paying their mortgages while the con artist works out a
modification agreement with the lender and they may require payment
of large up-front fees for their "services." In reality, the
scammer pockets the money and never provides the promised services.
In some schemes, homeowners have been conned into transferring
title to their homes. They may be told that they will be able to
lease back or buy back their homes, but the terms of the
rent-to-buy agreements are so burdensome that the homeowners are
unable to repurchase their homes. Recently, scam artists have also
tried to take advantage of the federal government's mortgage
modification and foreclosure avoidance programs by claiming to be
connected with, or approved by, the government in some way.
The OCC's Consumer Advisory offers a list of warning signs that
a person or company may be perpetrating one of these scams, and a
list of resources to contact for legitimate help. It also reminds
consumers having difficulty paying their mortgages that they should
always start by contacting their lender or servicer to discuss
alternative options.
Related links:

OCC Consumer Tips for Avoiding Mortgage Modification Scams and
Foreclosure Rescue Scams
www.helpwithmybank.gov
www.makinghomeaffordable.gov
For more information, visit www.occ.gov.

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