These frauds often involve companies with official sounding names and even better looking documents. They are quick to take your money but leave you deeper in debt and closer to foreclosure.
The foreclosure crisis gave birth to companies who are fast to ask for up front fees but slow to deliver any type of mortgage relief.
"They would take care of everything, they would be my voice pretty much," said Jennifer Chaves.
When her full time job turned into part time work, she fell behind on her mortgage. Someone she knew put her in touch with a mortgage modification firm.
"They would be able to modify my loan which would bring the payments down," said Jennifer.
Chief Investigator Kevin Jackson with Hillsborough County Consumer Protection knows the sales pitch. "High marketing, high pressure, high dollar we are going to rescue you," Kevin says. "One call and a couple of forms, we are gonna take care of it for a couple of thousand dollars."
Jennifer paid the Nevada company $1,999 last November and got nothing in return.
"It was really devastating they did not do anything," she said, "I put this money in and they did not do anything."
Investigators say such operations are almost always fraudulent. That same help is available for free from government approved mortgage counselors.
HOPE is a non profit organization that works with HUD and works with consumers as a legitimate operation helping them to stay in their homes.
After 8 months Jessica gave up on the mortgage assistance company and negotiated a modification with her own lender. Her monthly payment dropped by $500.
A new Florida law prohibits mortgage rescue companies from requiring upfront fees. We can put you in touch with the Government's Making Home Affordable Program. Just click
here.
