Mardi Boettcher's Blog

Mystery shoppers hired by the National Community Reinvestment Coalition have found that troubled borrowers who turned to so-called foreclosure prevention specialists paid an average of $2,900 for “poor advice” that “bordered on theft.”   The advise provided by these firms is “horrible,” NCRC executive vice president David Berenbaum told the NAREE Conference in Washington. “For every legitimate one, the next three border on theft.”   Among other things, these scam artists told borrowers not to pay their mortgages and not to speak with their lenders.  (This is this one of the worst things you can do if you are in trouble.)  CDC plans to announce these and other findings uncovered by their 200 mystery shoppers later this month, Mr. Berenbaum said.  He also told the group that nine out of 10 subprime refinancings  “did not expand home ownership,” and that many seniors are being “misguided” into high-cost reverse mortgages.

Be sure to consult with me, or your trusted real estate advisor, before pursuing a  loan modification.  We can refer you to reputable people who can really help.