Prevent Loan Scams

News Clips


Coalition Aims to Protect Homeowners from Scams, a leading source for news in the Black community featured the Loan Modification Scam Prevention Network in an interview with the Lawyers Committee Executive Director, Barbara Arnwine and Yolanda McGill, Senior Counsel for the Housing and Fair Lending Project. The LMSPN is paying particular attention to states with significant Black populations and is dedicated to protecting the most vulnerable communities.

The Lawyers Committee has "pushed for years that the number-one wealth value in the United States is your home ownership," said Arnwine. Capitalizing on distressed homeowners, loan scammers oftentimes wait outside of events aimed at assisting homeowners. These loan scammers threaten the security for millions of homeowners and create a "unique civil rights issue," according to Arnwine, requiring a multi-level effort of local, state and federal agencies.

With almost 3,000 housing counseling agencies certified by the Department of Housing and Urban Development, "homeowners should never have to pay for a loan modification - not one dime," said Arnwine. However, even with availability of free services, "so many people feel so hurt and ashamed that they wait until the last minute, and they are desperate," said McGill.

The LMPSN believes that no homeowner should be preyed upon and is dedicated to protecting and educating the most vulnerable communities.

For more information, read the article "Coalition Aims to Protect Homeowners from Scams"