Mortgage Loan Modification Scam — Bogus “Payment Reduction Form 009-S”
Back in April we posted about an article CNBC’s Diana Olick wrote about a Homeowner Loan Modification Scam going around.
Well, it looks like similar scams are still going around. Here’s a comment we received earlier today on that original post:
I JUST RECIEVED ONE OF THESE 009-S FORMS TODAY. I FOUND IT SUSPICIOUS BECAUSE THERE WAS NO SENDER INFORMATION ON IT ANYWHERE SO I DECIDED TO GOOGLE IT. THANK GOD I DID!
We just took a quick look to see what google would have to say about the “Form 009-S Payment Reduction Notification” and there’s a nice link to an example bogus form from msn.com: CLICK THIS LINK TO SEE AN EXAMPLE BOGUS LOAN MODIFICATION FORM.
Let’s make sure as many folks as possible are aware of this Loan mod ploy and others like it. Here’s a “tell a friend” link you can use to forward this along to clients and Realtor friends…
Popularity: 16% [?]
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We just received one of these forms and they have gotten sneakier and more deceptive. I am assuming that they are using public records to look this stuff up but they listed our mortgage company and our total loan amount in the notification letter. Also, there is no disclaimer/small print saying anything about not being affiliated with the government. The pre-sorted postage mark says it is out of Sacramento, CA. Is there a way to bust these people for deceptive advertising and/or fraud?
posting here is a great start…this blog is read by 1000s every month…
beyond that, you can turn them into the local AG.
Thanks for sharing your experience.
Tim
I recieved one of 009-S2 forms today in the mail and was curious about it it look so legal and this one is from out of Washington,DC. I am glas I decided to look it up. Yes I would like to get out of debt but not through this kind of scam. Thanks for putting this on the web so everyone can see.
My pleasure!~
Thank you. When we got this in the mail – googled it – yours was the only site that came up for us letting us know it was a scam.
When will we know if tx credit is going to be extended for sure? the problem,I have is REO buyer wont have key in hand by Nov 30th
Thanks for the info, and for the posting. I too was suspicious when the front of the mailing stated that this was to the Property Owner on Record, which I indeed am not. I only opened it to make sure that it wasn’t a jury summons or something. I will be forwarding this to the AG, and am not expecting anything to happen, as these scammers move very quickly. How do these people sleep at night?
Thanks again,
L. Lines
I received a letter like this today. Got suspicious about it. It doesn’t include any lenders on it, it also doesn’t mention the economic stimulus act dates and information. Another reason this seemed fishy, is that some of the boxes are blank with no letters (b.)
Finally the debt amount is more than double of what I actually owe.
BEWARE OF THESE SCAMS
I received a letter on 11/17/09, it arrived in a plan white envelope with no return address, no lenders to contact, etc. It sound pretty good. So the next day (11/19/09) I decided to call the 1-866 number and to my surprise the phone number was disconnected/out of service.
BEWARE OF SCAMS!!!!
I received a notice today that is very similar to the one described above. They have changed the form to “009-E, Balance Reduction Notification”. What a bunch of scumbags, hope they can do something about it.
fortunately whenever someone Googles that fake form number our site comes up and the homeowner can learn how to avoid the scam!
Tim
I just got off the phone with our Mortgage Servicer after receiving a letter from “PaymentReduction.net, same as others have mentioned above. Called the toll free number asking where they are getting our personal information from and they hung up.
Mortgage Servicer declares that they do not sell personal account information on mortgage holder’s, then where are these scam artists getting people’s specific information, loan amounts that are outlined on the letters?????