Mortgage Salvation -- or New Twist on an Old Scam?

mortgage scamA lawyer in Tallahassee, Fla., is at the center of what some experts are calling a new take on mortgage relief scams, according to the St. Petersburg Times. Nearly 6,000 struggling homeowners seeking mortgage modifications have agreed to work with a Florida-based law firm in the hope of settling their outstanding debts. The only catch? It costs $5,000 to join the legal action, and there is often little chance of a quick and easy settlement.

Now several professionals within the Florida legal community are claiming that these "mass joinder" legal actions are just another take on an old con -- advanced-fee mortgage scams that prey on distressed homeowners.

Read the full story at the St. Petersburg Times.

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My Six Percent

instead of falling for another scheme....make sure you sell your home yourself. Why give up 6% to a real estate agent, or tie yourself into another desperate scheme to get out if this horrible situation. If you do decide to sell your home, make sure to stop by my six percent. We're free, we're organized, we're intuitive, and we'll walk you through the entire process.

My Six Percent - Because You Don't Need a Real Estate Agent

July 27 2011 at 11:59 AM Report abuse rate up rate down Reply

This is just another scam. Obama created the home remodification scheme...and millions have lost their homes...This clown we have to call President..gave billions to the rules, no accountability..nothing..just gave it to them.. Well, the banks decided to use the money to invest in China, Spain, and bonds...all so they could benefit..leaving millions of people caught up in the scam called home loan remodification. When you try to do this, they lie to you. They tell you to miss 3 payments, then they lower your payment...they tell you they will make the payment permanent in 3 months..but that doesn't happen. You will burdened with a massive amount of paperwork over and over again for over a year and half..then the bank just decides you don't qualify and they foreclose on your home..

Obama has no idea what he is doing. The man is incapable of running this country...for those of you who voted for him ....swallow your pride..and look real hard at the damage that has been done by this clown...and get out there and correct the wrong that was made by voting for him. WE MUST GET RID OF OBAMA IN 2012..OR WE WILL NOT HAVE A COUNTRY LEFT, TENT CITIES AND SOUP LINES IS ALL WE WILL HAVE. BUT, MOSTLY WE WILL LOSE OUR FREEDOM...VOTE THIS CLOWN OUT.

July 26 2011 at 6:12 AM Report abuse rate up rate down Reply

The vultures NEVER stop......always keep an eye overhead and behind you.

July 26 2011 at 5:39 AM Report abuse +1 rate up rate down Reply

Well I live in Ohio and I think the banks here are crazy. A young couple I know just got a loan to buy a house for 134,000. They aren't married, she works as a deputy and grabs all the overtime she can get, he's unemployed and going to school part time with the govt. paying for it because he was in the service a couple years. and she still owns another house worth 200,000 she can't sell and has to rent for half the mortgage payment on it and she still has to pay the other half. The house is in another area and too far to drive to work. That's why she relocated. Now you tell me how these two managed to get a loan. Also nobody co-signed for them. I'd like to find out which bank they worked with.

July 26 2011 at 3:34 AM Report abuse rate up rate down Reply

That is truly a scam. I am a Florida attorney and this punk should be disbarred!

July 26 2011 at 12:13 AM Report abuse +4 rate up rate down Reply

If you can't afford to make five mortgage payments, how do you pony up 5 grand to join a legal action suit?

July 26 2011 at 12:09 AM Report abuse +4 rate up rate down Reply

I have the bag full of feathers!!!!!! now where is that tree?

July 25 2011 at 11:34 PM Report abuse +1 rate up rate down Reply

The people who fall for the scam deserve to lose their $5000.00. There is no such thing as a free lunch.

July 25 2011 at 11:33 PM Report abuse +1 rate up rate down Reply
1 reply to kmiz800's comment

Apparently you missed the companion article where protesters "liberate" foreclosed homes, living there as squatters. Sometimes it's homeless people they move in, sometimes it's the foreclosee who they protect with barricades.

July 26 2011 at 1:20 AM Report abuse rate up rate down Reply

Well at least everyone knows where to find this guy. Now where is that bucket of TAR?

July 25 2011 at 11:09 PM Report abuse +2 rate up rate down Reply

Anyone who posts signs such as this needs to be ignored and stopped legally if not arrested. We don't need people to pick our bones after we get sick or die. SHAME!

July 25 2011 at 10:41 PM Report abuse rate up rate down Reply

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