Spearheaded by the Department of Business & Industry

Nevada Fight Fraud


Common Scams  upfront

Upfront Fee Scam, also known as “Phony Counseling” or “Phantom Help”

The fraudster promises, for an upfront fee, to negotiate with homeowner’s bank to pay down back-payments, but scammer ultimately takes the money and disappears. B&S

Refinance fraud, also known as “Bait & Switch”

Victims sign over ownership of the house, thinking they are signing documents for a new loan at a lower payment level. This is a trick: you’ve signed documents that surrender the title of your house to the scam artist in return for a “rescue” loan. leaseback

Lease-back or Repurchase Scams

Con artists promise to pay a mortgage and lease it back to their victims if the consumer signs over the deed. The scammer then raises the rent, sells the house, steals equity, or even evicts the tenant. bankruptcy

Bankruptcy Schemes

The scammer encourages the victims to stop paying their mortgage and offers to file bankruptcy for the consumer, for a fee. appraisal

Appraisal Fraud

An appraiser — in cahoots with a bank — overvalues the home, then secures an unnecessarily large loan at high interest rates for the homebuyer. Another scenario is that the appraiser undervalues the home in order to justify a short sale and subsequent re-sale at market value for profit.

What to do if You’ve Been Scammed

  • Report the details to the FBI, through the Southern Nevada Mortgage Fraud Taskforce (702-584-555), or the Federal Trade Commission (1-877-382-4357) as well as your local consumer-protection agencies such as the BBB.

  • If you’ve been scammed by a bogus or unlicensed loan mod or foreclosure consultant, file a complaint with the Division of Mortgage Lending at (702) 486-0780 or (775) 684-7060.

  • Contact a legitimate HUD-approved housing counselors; their services are FREE.

Foreclosure/Mortgage Scams

FBI: Mortgage Fraud

Behind the Scenes as the FBI Busts Mortgage Fraud Suspects

Federal and State Agencies Crack Down on Mortgage Modification and Foreclosure Rescue Scams

FDIC: Beware of Foreclosure Rescue and Loan Modification Scams

FDIC: Tenga cuidado con los agentes de ejecuciones hipotecarias y de modificación de préstamos

Foreclosure Fraud!

Mortgage Information

The new Good Faith Estimate enables borrowers to compare mortgage offers more easily

BofA to simplify modified mortgages disclosure

Foreclosure Help

FDIC Loan Modification Program Guide – "Mod in a Box" 

Foreclosure Information Workbook
Is Foreclosure Knocking at Your Door?
Making Home Affordable
FHA Hope for Homeowners
NeighborWorks Center for Foreclosure Solutions


Last Updated: 09/14/11 08:24:41 AM


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