On June 16, Kalamazoo Neighborhood Housing Services (KNHS, INC.) held a symposium on the issue of “loan modification” scams.
If you know that you are headed toward foreclosure, others know it too. Predatory lenders seek those who are listed as going into foreclosure on public forums and databases.
KNHS is a nonprofit that serves low-to-moderate income neighborhoods in and around Kalamazoo County. Their educational services, offered at no cost, are designed to help people prepare for an upcoming purchase, manage their finances, and achieve other goals. In addition, KNHS offers foreclosure counseling. In some cases, KNHS can award grants to individuals in danger of being foreclosed upon.
According to KNHS, loan modification scams are routinely offered to homeowners under threat of foreclosure. Loan modification scams have been an issue for decades. They are still very common. About 15% of KNHS’s clients have been victims of a scam.
Our article goes on to list ways of avoiding becoming a victim of foreclosure scams. Please see it in full length at our new location.
Posted by jryven 
