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Scam Alert: Mortgage Foreclosure Scams on the Rise

April 24, 2012 Leave a comment

Homeowners beware: the number of reported mortgage foreclosure scams has increased 60 percent so far in 2012, according to the Homeownership Preservation Foundation.

The Huffington Post reports that scammers are exploiting the recent increase in government programs such as the recent national mortgage settlement.

New York Attorney General Eric Schneiderman has warned that scammers claim to be government officials involved in the settlement and try to obtain personal financial information from homeowners seeking assistance.

As foreclosures are expected to rise again in the coming months, homeowners are need to be cautious when seeking debt relief and are reminded to do their research when hiring assistance with the loan modification process.