Mortgage scam warning issued Published Sept. 26, 2012 By 81st Training Wing Legal Office KEESLER AIR FORCE BASE, Miss. -- The troubled housing market has created a ripe environment for mortgage fraud schemes targeting distressed homeowners. Mortgage scammers rely on material misstatements, misrepresentations, and old fashioned high pressure sale tactics to convince distressed homeowners that they can save their home and lower their mortgage payments. Once hired, the scammers demand substantial upfront fees for their service, and in many cases, require the homeowner to sign over the title to their home. Although these scams can go by many different names, they typically fall into one of the following categories: · Foreclosure rescue schemes · Loan modification schemes · Illegal property flipping · Builder bailout/condo conversion · Equity skimming or stripping · Silent second · Home equity conversion mortgage · Commercial real estate loans · Air loans The common theme of these scams is to "guarantee" relief for the homeowner - for a fee. However, the scams usually end up costing the homeowner thousands of dollars and in many cases, their home. There are a plethora of free, government-sponsored programs available to assist distressed homeowners including: Homeownership Preservation Foundation -- 1-888-995-HOPE or http://www.995hope.org. Emergency Homeowners Loan Program -- http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. Hardest Hit Fund -- http://www.treasury.gov/initiatives/financial-stability/programs/housing-programs/hhf/Pages/default.aspx ( when you go to this website, scroll down to your state, then click on the state-specific program). Making Home Affordable -- http://www.makinghomeaffordable.gov/pages/default.aspx.