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Real Estate & Property Law

: The Home Equity Theft Reporter

Loan Modification Firms Masquerading As Non-Profits?

By r morris

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In a story on loan modification scams, Minnesota Public Radio describes one way that some firms are using to circumvent state law prohibitions on collecting upfront fees:[I]n Minnesota, it's illegal for so-called foreclosure consultants to demand money in advance for a loan modification. But a loophole allows nonprofits to charge fees upfront. Officials say that loophole has allowed scammers to

Full post as published by The Home Equity Theft Reporter on March 20, 2009 (boomark / email).

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