L.A. Mayor, State Real Estate Commisioner, Others Caution Public On Loan Modification Fraud; "Scam Peddler" Sightings Up Sharply
In Los Angeles, California, the Los Angeles Times reports:
- Alarmed by a huge increase in swindlers trying to take advantage of families whose homes are in foreclosure, Mayor Antonio Villaraigosa and a host of bankers, legal aid lawyers and law enforcement officials [Monday] called on the public to beware of people peddling loan modification scams.
- From the ubiquitous orange signs on freeway off-ramps that blare “Modify Your Payment” to men impersonating bank executives going door to door, homeowners in trouble are being targeted relentlessly.
- Jeff Davi, commissioner of the California Department of Real Estate, said his department has had to “shift resources” to keep up with the scammers. His office has 292 open investigations and expects to begin filing cases at a rapid rate, he said.
For more , see L.A. officials warn of foreclosure scams.