Consumer Beware: Scams Related to the National Mortgage Settlement

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Monday, February 27th, 2012

By Norma Garcia

The Department of Justice and the 49 attorneys general who are parties to the National Mortgage Settlement reached on February 10th with the five major banks/servicers are warning the public to beware of scams related to the settlement.  There are already scammers at work pitching their services to the unwary, trying to take advantage of those who may be eligible for assistance under the settlement. Read the Alert here.

How you can protect yourself:  Do not trust anyone who solicits you offering to assist you to obtain benefits under the settlement.  If you are contacted by someone who says they represent your bank, note the name of the individual and do not provide any personal information.  Then, contact the bank participating in the settlement directly at the number listed below:

 

Direct any questions to your bank and your state attorney general.  If you are worried that your may be eligible for benefits under the settlement but not be easily located, contact your state attorney general and let them know how you can be contacted.  Here is a list of the state attorneys general participating in the settlement and information about how to contact them.  If you’ve been solicited by a scammer, report the activity immediately to your state attorney general.  *Note: Oklahoma did not participate in the settlement so those living in Oklahoma would not be eligible for assistance under the settlement.

 

No doubt there are many questions the public has regarding the National Mortgage Settlement referred to in our earlier news release .  Here are links to information regarding the most commonly asked questions regarding the settlement, from the official National Mortgage Settlement website www.nationalmortgagesettlement.com

 Here is a list of helpful resources for consumers dealing with scams or mortgage problems:

Settlement Frequently Asked Questions (FAQ)

Who may be eligible for assistance

Settlement Executive Summary

Settlement Fact Sheet

Servicer Settlement Summary by State

 

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