Realtors are warning California homeowners to beware of solicitations from scammers claiming to provide assistance related to the recent national mortgage settlement. An official warning about the mortgage settlement scams was recently issued by the office of California Attorney General Kamala D. Harris.
The national mortgage settlement is an agreement reached by 49 state attorneys general and the federal government with the nation's five largest loan servicers--Bank of America/Countrywide, JPMorgan Chase/Washington Mutual, GMAC Mortgage/Ally Financial, Citibank/CitiMortgage and Wells Fargo/Wachovia, after many months of negotiation. The settlement, which will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government, addresses past mortgage loan servicing and foreclosure abuses and fraud, provides substantial financial relief to borrowers harmed by bank fraud, and establishes significant new homeowner protections for the future.
"Often, on high profile settlements like this, scam artists prey on the vulnerability of desperate homeowners. Their goal is to make a quick profit through fees for services they claim they can do," said Suzanne Yost, president of the Silicon Valley Association of Realtors. "Financially distressed homeowners are especially vulnerable to scams."
Homeowners receiving solicitations from third parties offering them access to funds under the national mortgage settlement should not provide any personal or financial information. They should report the solicitation to the California Department of Justice or file a complaint online athttp://ag.ca.gov/contact/complaint_form.php?cmplt=CL.
Californians seeking relief under the state's recent $18 billion mortgage settlement should heed the following tips to avoid falling prey to scams:
• Be skeptical of third-party phone solicitations. Only your bank/loan servicer can assist you with regard to the recent national mortgage settlement.
• Do not give a solicitor your personal financial information such as your bank account number, Social Security number or even the name of your loan servicer. Your bank will already have this information.
• Never pay an upfront fee for mortgage-related services. It is against California law and should be reported to the California Department of Justice.
• Call your bank directly to see if you qualify for relief under the settlement.
For additional information regarding the mortgage settlement, visit http://oag.ca.gov/nationalmortgagesettlement. For free, trustworthy advice, homeowners may also call a HUD-approved counselor at 888.995.4673, or call Keep Your Home CA at 888.954.5337.
No comments:
Post a Comment