June 12, 2015
Carson City, NV – Nevada Attorney General Adam Paul Laxalt, in partnership with the Home Again Nevada Homeowner Relief Program sponsored by the Office of the Nevada Attorney General, warns Nevadans of loan modification scams. With interest rates at an all-time low, many Nevada homeowners may be looking to modify their existing loans. Some home equity lines of credit, having been acquired by homeowners as long as 10 years ago, are due to be adjusted to higher rates over the next three years. For many struggling homeowners, particularly those underwater, securing a loan modification may provide the relief needed to avoid going into default.
“With refinance opportunities come the potential for falling victim to loan modification scams, where scammers charge victims fees upfront,” said Laxalt. “It is in your best interest to explore all options by contacting your original lender and my office’s Home Again Program for assistance.”
When seeking a loan modification, consider the following helpful tips:
- Read carefully any and all documents that you are asked to sign.
- Be wary of businesses that aggressively seek clients for loan modification.
- Do not pay any fees until after the promised services have been provided. Federal and state law prohibits loan modification companies from charging upfront fees prior to performing the contracted services.
The Office of the Nevada Attorney General’s Home Again Program offers free assistance regarding loan modification in partnership with Housing of Urban Development (HUD) counseling agencies and legal services partners. To receive assistance and learn more about the program and eligibility requirements, homeowners are encouraged to contact Home Again by calling 1-855-HLP4NEV (1-855-457-4638) or visiting the website here. Assistance is available in both English and Spanish. Mortgage fraud complaints may be filed with the Office of the Nevada Attorney General here.