Prevent Loan Scams

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Loan Scam Project Releases Issue Brief, "Seniors Among Hardest Hit by Foreclosure Rescue Scams"

On July 21, 2011, the Lawyers’ Committee’s Loan Modification Scam Prevention Network, a joint initiative of the Committee’s Legal Mobilization and Fair Housing & Fair Lending Projects, released an Issue Brief highlighting the plight of senior Americans, one of the many groups of homeowners in real distress who are particularly vulnerable to suffering at the hands of foreclosure rescue scammers.

Lawyers’ Committee’s staff attorneys analyzed information received from distressed homeowners who submitted complaints to the Lawyers’ Committee’s national Loan Modification Scam Database since its launch in February 2010.  These complaints reveal that older Americans are among the hardest hit by foreclosure rescue scams, and exposed some striking numbers: as of July 11, 2011, homeowners nationwide had reported over $40 million ($40,220,895) in losses from fees paid to fraudulent and deceptive foreclosure “rescuers.”  Moreover, homeowners age 51 and older reported losses of over $16 million ($16,593,535)—a staggering 41 percent of the total losses reported.

To learn more, click here for the Issue Brief.