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Elizabeth Weintraub

Be Wary of Principal Reduction Program Scams

By February 13, 2013

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If a company other than your bank is offering a principal reduction program to you, that should be your first clue that something is probably amiss.

If your bank was willing to offer a principal reduction program, you would probably hear about it from your bank. If another company approaches you or somebody calls you on the phone or you get a letter in the mail offering a principal reduction program, you should call your bank to check it out.

Crooks are scamming homeowners left and right with empty promises about cutting a mortgage balance in half. Don't pay anybody to do this for you because you can do it yourself. Just call your bank and ask if such a program is offered. Report these scam artists to the authorities such as your state attorney general's office.

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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.

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