What is a reverse mortgage? Reverse mortgages, also known as home equity conversion mortgages (HECM), have increased more than 1,300 percent between 1999 and 2008, creating significant opportunities for fraud perpetrators. What are reverse mortgage scams? Reverse mortgage scams are engineered by unscrupulous professionals in a multitude of real estate, financial services, and related companies [...] Read more »
Warning Regarding Mortgage Loan Modification Activity
A recent development in the ongoing mortgage and foreclosure crisis is the emergence of a new type of business which purports to offer “loss mitigation consulting,” “foreclosure prevention,” “mortgage loan modification,” and similar services. The Department of Banking and Insurance has seen an increasing number of advertisements, direct-mail solicitations and other marketing materials offering New [...] Read more »