September's Red Flag Winner is... Loan Scam Alert! This group is dedicated to helping homeowners spot potential loan scams and report illegal loan activities to authorities.
The number of households behind on their mortgage payments is higher today than it was before the housing crisis. Therefore, homeowners are still susceptible to loan modification scams. That's why Congress asked NeighborWorks to step in. In 2009, this network of community development organizations launched the Loan Modification Scam Alert campaign to educate homeowners.
In recent years, Loan Scam Alert's mission has broadened. Today, Loan Scam Alert provides a database of free, reliable organizations that reduce mortgages, a six-point plan on scammer warning signs, and a list of whom to call to report a scam.
Loan Scam Alert operates on the national, state, and local level, partnering with over 240 development organizations to spread the important message about loan scams. Every day, they are working to prevent scammers from costing homeowners money or even their home.