"Faulty oversight and outright scams helped send the housing market into a tailspin. Efforts to bring the market back are attracting new scams.
Loan modifications to fight foreclosures are the backbone of the federal housing plan announced in February by President Barack Obama during a stop in Mesa. In a loan modification, a lender and homeowner work out a deal to cut interest rates and even principal on mortgages of homes in danger of foreclosure.
Free counselors are available to help homeowners work with lenders. And some firms have emerged that, for a fee, also provide counseling. Scam artists have joined the scene, promising help, taking hefty upfront fees, and then leaving homeowners on their own."
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Housing loan help attracts new scams
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