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Foreclosure Scammers Find Targets in Tennessee

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By : Leticia Carvalho    99 or more times read
Attorney General Robert E. Cooper spoke in the 2008 Governor’s Housing Summit in Nashville, Tennessee. He warned against the growing foreclosure rescuers in Tennessee that turned out to be predators.

Two of these foreclosure rescuers are now facing a court case after promising to fix foreclosure problems, but left the borrowers without their money and even their homes. These predators are definitely taking advantage on the desperate borrowers’ desire to fix their mortgages.

Tennessee Housing Protection Agency, which sounds too close to the authentic non-profit Tennessee Housing Development Agency, was sued last October. They allegedly pocketed their collected fees for the “mortgage help” they were supposed to offer. THA Executive Director, Mark Jones denies all the accusations.

Copper said that these scammers target the desperate families, and not the well-off investors. These foreclosure families are the focus of these con artists because they do not know the proper authorities to ask for help, and the right procedure and alternatives to take. With this ignorance, they are left with less money than they already struggle with.

The other company under pursuit is Patrick & Patrick Loss Mitigation Services. They currently have not sent out their statement on the allegations.

These two companies are found in Memphis where foreclosure in Tennessee is highest. There are also reported cases in Nashville and all over the state.

Cooper then asks the housing finance industry to have a watchful eye for these scammers and to report incidences to proper authorities. These abusive scammers must be stopped before it gets even bigger.

The Attorney General also asks the foreclosure families to communicate with the Tennessee Housing Development Agency where there is legitimate and free mortgage help. In case they suspect illegitimate foreclosure helps, they ought to call the Division of Consumer Affairs.

The housing industry and the troubled consumers must work together and be cautious to stop the deception.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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