Friday, February 19, 2010

NeighborWorks Launches Loan Scam Alert Campaign in NYC

Yesterday NeighborWorks America launched the national “Loan Modification Scam Alert” campaign in New York City to provide City residents facing the possibility of foreclosure with vital information to guard against loan modification scams, find trusted help and report illegal activity to trusted authorities.

NeighborWorks Chief Operating Officer Eileen Fitzgerald was joined for the announcement by New York City Mayor Michael Bloomberg, New York City Department of Consumer Affairs (DCA) Commissioner Jonathan Mintz, representatives from the Center for New York City Neighborhoods and other City officials.

The national foreclosure rate has reached an all-time high of 8.85 percent, and millions more foreclosures are expected in coming years. In New York, the rate is near 7.78 percent.

As Fitzgerald told Ron Scherer with The Christian Science Monitor, "It is a rising problem, with more and more people every day calling to say they have been scammed. [...] Folks are desperate, and they are willing to try anything.”

To learn more about the event, visit NeighborWorks' newsroom or read the Christian Science Monitor story about mortgage fraud and yesterday's event.

To learn more about loan modification scams and how you can avoid them, visit