Ignorant TV commercial advertises mortgage scam – badly
In these shaky economic times, there are many TV ads for different schemes and plans offered to homeowners who are at risk of losing their homes because they can’t afford their current mortgage payments. Today, I saw a commercial for a company called “Federal Loan Modification,” which purported to be some sort of solution for those stuck in a variable rate mortgage with a recent rate hike, etc. Now, I have no idea if this is a scam or not–I simply don’t have the time to care about it. However, what ticked me off about the ad was that at the end, there’s an eviction notice on the screen, which is stamped “PAID” as reassuring voices tell you how Federal Loan Modification can help you keep your home.
Ok, so maybe you’re desperate. Maybe you’re about to lose your house. But if you’re so stupid as to sign your home over to a company that doesn’t understand the difference between being evicted from a property you rent and being foreclosed on by a bank to which you owe money for a home you own, you deserve to lose everything.
The best part, though, is that we’ll be bailing these folks out in a few years.
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