Military Personnel: Beware of Home Loan Modification Scams
September 12th, 2012
September 12th, 2012
According to a recent article in National Mortgage News, the U.S. Department of Treasury and the Consumer Financial Protection Bureau recently issued a mortgage fraud alert to members of the armed forces community. The alert warns military personnel and their families about possible scams targeted toward struggling homeowners who apply for home loan assistance through the Home Affordable Modification Program (HAMP).
Unfortunately, scammers like to prey on military personnel, so it’s important for service men and women to know how to protect themselves and what free resources are available to help them.
According to a 2003 National Consumer Law Center report, con artists target military personnel because:
Some ways service members can protect themselves from being conned is to:
The unofficial use of program names or logos of government agencies, non-profit organizations, or lenders can also be a sign that the individual or company may actually be a scammer. If someone claims to be affiliated with HAMP, you can verify this by contacting the Homeowner’s HOPE Hotline at 1-888-995-HOPE.
If you're an armed services member or civilian who needs free help with your mortgage, you can visit the U.S. Department of Housing and Urban Development website at www.MakingHomeAffordable.gov; or you can call the Homeowner's HOPE hotline (1-888-995-HOPE) for more information on the HAMP and Home Affordable Refinance Program. For active-duty military personnel or veterans with VA loans, you can call the U.S. Department of Veteran Affairs at 1-877-827-3702 or visit the Loan Guaranty Service Home Loan Program website at www.benefits.va.gov/homeloans/ for help.
If you’re interested in obtaining a VA loan, contact Grandview Lending. A senior mortgage specialist can review your situation with you and help walk you through every step of the VA loan process.
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