Loan Modification Fraud Targets Military

8/3/2012

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Military homeowners looking for mortgage relief are falling victim to a new scam, which targets soldiers who have sought mortgage assistance from HAMP — the Home Affordable Modification Program. Check out USAA's blog post on the subject.

The post urges military consumers to be on the lookout for loan modification services that are actually well-disguised scams. Many falsely claim connections with government agencies or non-profits.  Also, if the service claims a very high success rate, or makes guarantees, be wary. Modification approval is based on your specific financial situation which must be well-documented and validated with stringent underwriting rules.

Read the full post here.

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