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Homeowners Beware: Mortgage Mod Scammers Are Selling An Audit To Nowhere

Tuesday, September 27, 2011 - 1:17 PM
From DailyFinance
The calls started last November. Speaking in Spanish, a representative from New Century Solutions in Lake Forest, Calif., pitched Jose Chirino to purchase a forensic loan audit. For $2,995, the representative said, an audit could help the San Jose, Calif., homeowner get a much-desired loan modification and principal reduction. Chirino, who works for Santa Clara County, said no, but New Century called again -- and again, and again. After about 20 such calls, Chirino finally agreed and sent $1,500 to start the process in January.

In a written contract, New Century said an attorney would review and advise Chirino, draft a demand a letter, and negotiate with his lender. And then, nothing happened.

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