Mortgage Monday: Fed Crackdown on Online Mortgage Scams

Fed Crackdown on Online Mortgage Scams.

The Office of the Special Inspector General for Troubled Asset Relief Program released information concerning it’s effort to crackdown on internet mortgage fraud. The have been 125 mortgage scams closed down. This is up from 85 the week before. Most of these scam sites were found using Google, Yahoo and Bing. The online ads made bogus promises of assisting homeowners who were facing foreclosure.

The sites were triggered by the search phrase “stop foreclosure”. Some of the scam artist extracted up front fees while others arranged to have the mortgage payment sent directly to them with out providing any assistance.

Be aware that this scam is taking place and use caution if dealing with an online mortgage company.

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