Pointer Appraisal Northeast Ohio Property Economics & Appraisal Blog

Housing Advocates Warn Borrowers

Housing advocates warned borrowers that mortgage rescue scams are on the rise in Ohio, particularly against minorities, the elderly and others struggling to pay their monthly bills. The scams, spurred by the continuing foreclosure crisis, range from phony government programs to demanding money upfront for help and then not delivering it.

Nonprofit housing groups throughout the state held special events during ''Ohio Alert Day'' to warn homeowners to avoid crooked deals. The East Akron Neighborhood Development Corp. went door to door in the city handing out materials for about an hour Wednesday afternoon. The group also set up a booth all day at Dave's Supermarket in the Middlebury Market Place retail plaza to talk with residents. In Ravenna, Neighborhood Development Services and the Portage County Prosecutor's Office conducted a four-hour scam and foreclosure prevention clinic.

''This is such an important issue now,'' said Fred Vaughn, deputy director of East Akron Neighborhood Development. ''The scams have increased as the number of mortgage lenders are doing more loan modifications.''

Information on the article and contact information for organizations can be found at Ohio.com: http://www.ohio.com/news/top_stories/96013994.html