Comments on: Beware America: Loan Modification Fraud On The Rise http://www.myloansconsolidated.com/2010/01/05/beware-america-loan-modification-fraud-on-the-rise/ Wed, 25 Jan 2012 00:54:25 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Metalworking Fluids http://www.myloansconsolidated.com/2010/01/05/beware-america-loan-modification-fraud-on-the-rise/comment-page-1/#comment-4423 Metalworking Fluids Thu, 07 Jan 2010 14:21:55 +0000 http://www.myloansconsolidated.com/?p=2025#comment-4423 Loan modification is easily one of the most scammy industries out there right now, especially with home values plummeting over the last couple of years and all the resulting foreclosures. I was in the mortgage business for a while and was amazed at all the scam artists at almost every company I had any contact with. I couldn't believe these guys weren't in jail already. I have a theory that all the scammy mortgage brokers moved into the loan mod business when things went south. Now they're still scamming people...just from the other side. Anytime there's a lot of money to be made in any given industry the scam artists flock to it like a gold rush. In fact, it's so bad in California now that a good friend of mine, a Realtor who helps people with short sales was advised by his attorney to not help his clients with loan mods even if they asked, just so he wouldn't even be associated with the business. That may or may not be good legal advice, but it shows just how poor the perception of that industry is. Loan modification is easily one of the most scammy industries out there right now, especially with home values plummeting over the last couple of years and all the resulting foreclosures. I was in the mortgage business for a while and was amazed at all the scam artists at almost every company I had any contact with. I couldn’t believe these guys weren’t in jail already.

I have a theory that all the scammy mortgage brokers moved into the loan mod business when things went south. Now they’re still scamming people…just from the other side.

Anytime there’s a lot of money to be made in any given industry the scam artists flock to it like a gold rush. In fact, it’s so bad in California now that a good friend of mine, a Realtor who helps people with short sales was advised by his attorney to not help his clients with loan mods even if they asked, just so he wouldn’t even be associated with the business. That may or may not be good legal advice, but it shows just how poor the perception of that industry is.

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