WDIV Local 4 & Alice Alvey On Foreclosure Scams

March 29, 2010 Detroit, MI – WDIV Local 4 contacted Alice Alvey, President of Indecomm-Mortgage U to discuss a recent rise in calls into their “Ruth To The Rescue” hot line regarding foreclosure scams. As Michigan continues to rank among the top 5 states in foreclosure numbers it’s no wonder that more and more people fall victim to scams. The main story for Ruth’s segment was a piece covering a Michigan couple who were taken for their last $3,000. Then, the person they had hired to help save them money and guide them through the foreclosure maze stopped returning their calls and just disappeared. Part of the problem is that consumers continue to experience a lot of frustration and confusion when dealing with their lender. Alice has family members who volunteer their time at a non profit agency to assist with the phone calls that come in asking for help with troubled loans. They hear an endless stream of stories about loans being sold just as a modification has been worked out, lenders taking months to return calls and then not having consistent information and a myriad of desperate voices searching for answers. At least these callers made the right move by calling a non profit. Others unknowingly seek help from scammers who are only looking to make easy money. If you consider yourself an ethical professional in the mortgage industry then you should be providing consumers with a link to the OTS website, the Office of Thrift Supervision sites and their brochure on Foreclosure Rescue Scams How to Avoid Becoming a Victim. Make this brochure available to everyone you know!