The Tennessean newspaper reports: At the 2008 Governor’s Housing Summit in Nashville last week, the state’s Attorney General warned of an increase in Tennessee foreclosure scams…..
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“Scams built around false promises to help borrowers facing foreclosure hold onto their homes — perhaps perpetrated by some of the same people who issued predatory loans to begin with — appear to be on the rise, the state’s attorney general told housing officials Monday.
The state has filed lawsuits against two “foreclosure rescue” companies that it says promised to help borrowers restructure mortgages but instead pocketed fees without following through, Attorney General Robert E. Cooper Jr. said in an introductory address to the 2008 Governor’s Housing Summit in Nashville.
A group of Tennessee agencies, including the Office of the Attorney General and the Division of Consumer Affairs, believes the rise in foreclosures statewide has touched off a wave of deception aimed at capitalizing on struggling borrowers’ desperation.
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To read the news report (from the TENNESSEAN) on the Attorney General’s remarks, go HERE.
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