Yesterday on Greater Boston (the PBS television program) Martha Coakley, the Massachusetts Attorney General, warned consumers against the increasing number of scams promising mortgage modifications for an upfront fee. The number of these scams have been increasing due to the economic crisis.
Ms. Coakley language was very general and might have the unintended consequence of scaring consumers away from legitimate means of mortgage relief, such as Chapter 13 bankruptcy. Chapter 13 bankruptcy is a legal and well-established path for people to cure mortgage arrears and, often, to strip off unsecured second and third mortgages.
However, non-attorneys cannot represent people in bankruptcy and companies that promise otherwise are always in business to scam consumers out of their precious financial resources.
Nicholas Ortiz, Boston Bankruptcy Attorney
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Last modified: May 9, 2009