If you receive an official-looking letter from an out-of-state law firm asking you to fork over a hefty upfront fee to join a "mass joinder" lawsuit to force your mortgage lender to reduce your monthly payments, chances are good, you've been targeted by a new nationwide mortgage scam.
The Better Business Bureau and others are warning homeowners to beware of these solicitations, which Michelle Corey, BBB CEO and president, says represent the latest twist on a scheme -- the advance fee mortgage scam -- to con homeowners struggling to make their mortgage payments out of upfront payments of $5,000 or more.
"Complaints from homeowners who paid thousands of dollars for mortgage assistance are a familiar story at the BBB," Corey said in a statement. "Few, if any, of these people got help. Many ended up worse off than before the mortgage modification companies entered their lives."