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About The skanner. (Portland, Or.) 1975-2014 | View Entire Issue (Sept. 26, 2012)
Opinion Elders: Beware of Mortgage Scams “Challenging People to Shape a Better Future Now” B ERNIE F OSTER Founder/Publisher B OBBIE D ORE F OSTER Executive Editor T ED B ANKS Advertising Manager J ERRY F OSTER Account Executive L ISA L OVING News Editor H ELEN S ILVIS Multimedia Editor D AVID K IDD Graphic Designer M ONICA J. F OSTER Seattle Office Coordinator J ULIE K EEFE S USAN F RIED Photographers T he economy has had a detri- mental effect on homeown- ership. Unemployment and underemployment have made it tough for many homeowners to maintain current mortgage pay- ments. In attempts to get assis- tance and avoid foreclosure, vulnerable homeowners become prime targets for scam artists who are taking advantage of people through a wide array of mortgage scams. For home- owners in need of assis- tance, now is the time to be more vigilant than ever. Through December 31, 2011, the Federal Bureau of Investigation (FBI) had more than 2,500 pending investigations into mort- gage fraud around the coun- try. Although the scope of losses for homeowners, legitimate busi- nesses and to the economy caused by mortgage fraud are difficult to calculate, CoreLogic, a research and analytics company, has esti- mated that losses due to mortgage fraud in 2011 were $7.4 billion. Marie Day front fee. Others claim they are affiliated with government agen- cies and the new loan modification programs. Some fraudsters say they can conduct forensic loan audits to determine whether loans er names, addresses, lender names and original mortgage loan amounts are available to anyone through public real estate records, con artists use this information to create direct mail pieces that con- fuse potential victims into thinking that they are dealing with their lender. Protect Yourself and Get Assistance In order to protect yourself from scammers, always be on the look-out for key warning signs. Fraudsters might: Request payment or charge fees in advance. Guarantee results. Direct homeowners to stop making mortgage payments and instead make a payment to a third-party organization. Tell homeowners that they cannot deal with their lender directly. Request that a homeowner sign over the deed or other papers. Ask for personal information over the phone or email. Pressure the customer to per- form a specific action. Homeowners looking for help to avoid foreclosure are primary targets Scams from All Sides The Skanner Newspaper, established M ORTGAGE S ERVICING There are many variations of mortgage scams, but the goal is the same: take money and even prop- erty from unaware homeowners. Some scammers guarantee that they can negotiate a loan modifi- cation with your lender for an up- were made in accordance with fed- eral and state mortgage lending laws. Other schemers convince homeowners to surrender the title or deed of their homes in exchange for a new “rescue” loan, or as part of a deal that would let the home- owners rent the home for a few years and then have the ability to repurchase the home in the future. Still others may claim that they could help expedite short sales. Some swindlers have even used direct mail with prominent use of the lender’s name to gain the trust of customers and trick them into believing an offer for assistance is from their lender. Since homeown- by the U.S. Department of Hous- ing and Urban Development (HUD). HUD-approved coun- selors can provide assistance free of charge, or for a nominal fee. A list of counseling agencies near you can be found at www.hud.gov. If you have doubts whether direct mail that claims to be from your lender is legitimate, call your lender directly and confirm it. And finally, if you think you have been scammed, you should file a com- plaint with the Federal Trade Commission online at www.ftc.gov/complaint or call them at 877-FTC-HELP. Scam- mers are working hard to take advantage of people in distress. Never agree to pay a fee to any company for ‘foreclosure help’ If you are having financial diffi- culties in paying your mortgage, you should contact your lender and a housing counselor approved It’s imperative that you get informed and take precautions to not become their next victim. Marie Day is the Residential Mortgage Default Servicing and Community Outreach Executive at Wells Fargo in October 1975, is a weekly publica- tion, published each Wednesday by IMM Publications Inc., 415 N. Killingsworth St., Urban League to Nike: Just Don’t Do It P.O. Box 5455, Portland, OR 97228. Telephone (503) 285-5555. E-mail: info@theskanner.com World Wide Web site: http://www.theskanner.com Fax: (503) 285-2900 The Skanner is a member of the National Newspaper Pub lishers Associ- ation and West Coast Black Pub lishers Association. All photos submitted become the property of The Skanner. We are not re - spon sible for lost or damaged photos either solicited or unsolicited. © 2011 The Skanner. ALL RIGHTS RE SERVED. REPRODUCTION IN WHOLE OR IN PART WITHOUT PERMISSION PROHIBITED. To see The Skanner News on your smart phone go to theskannermobile.com or scan this QR code with your app. • • • • • • • • Local news Opinions Jobs, Bids Sports Entertainment Music reviews Bulletin board RSS feeds “T he economy continues to fall apart, unem- ployment rates are through the roof and Nike knows that the kids are strung out. So they just keep mass marketing high-priced cool to those who can’t afford it.” - Stephen A. Crockett, Jr., Wash- ington Post In recent weeks, on behalf of the National Urban League, I have been urging Nike to reconsider its plans to market a new basketball shoe targeted to urban youth that will be priced in the neighborhood of $300. We understand that ado- lescence is a time dominated by peer pressure, the emulation of celebrities and the need to fit. This often leads to equating self- esteem with material status sym- bols, including high-priced sneakers. Aside from the mis- placed values this represents, it can have devastating conse- quences for low income urban families. All of us – from parents and children to corporations –have a responsibility to recognize this problem and do something about it. On Aug. 24, I sent a letter to Nike company officials outlining our opposition to the upcoming release of their latest overpriced basketball shoe. Our objections include the economic exploitation of low-income youth and their families, the promotion of misdi- rected priorities to our children, and the potential and sometimes real violence associated with this type of marketing campaign. Fol- lowing is a copy of that letter. Page 4 The Seattle Skanner September 26, 2012 T O B E E QUAL Marc Morial August 24, 2012 Mark Parker President & Chief Executive Officer Philip H. Knight Chairman of the Board of Direc- tors Nike, lnc. One Bowerman Drive Beaverton, OR 97005-6453 Mr. Parker and Mr. Knight: In light of the recent news that Nike plans to release a $315 bas- ketball shoe, I ask that you pause to reflect on the implications of launches repeatedly results in eruptions of violence. Obsession with the Nike brand in poverty- stricken communities, according to published reports has led to muggings, beatings, and worse. With unemployment and its attendant hope- lessness and desperation at historic highs in the very communities target- ed by Nike’s aggressive marketing, now is the time to step back and consider the true impact of this kind of cam- paign. To release such an outrageously over- priced product, designed to appeal to a young, urban demo- graphic, while the nation is strug- gling to over come an unemployment crisis is insensitive at best. Nike may well assure itself that it is not responsible for the priori- ties and values of its customers, ‘Nike ... can choose to address the negative consequences of its own marketing’ ‘It’s no secret that the frenzy surrounding Nike product launches repeatedly results in eruptions of violence’ your decision during this fragile economic recovery. It’s no accident that Nike is a coveted brand among the nation’s urban youth. It’s no secret that the frenzy surrounding Nike product That message is undermined by Nike’s appeal to shallow material- ism. As you are aware, in our public statement earlier this week, we called upon parents to resist the but it can choose to address the negative consequences of its own marketing. In recent years, Nike’s award-winning advertising has promoted a message of personal achievement and self-esteem. pressure to purchase expensive sneakers when those dollars would best be spent on school supplies, books or computers. They ultimately are responsible for the choices they make for their children, and for the values they instill in them. But good corpo- rate citizens and responsible community members should help, not hinder parents in their efforts. Please reconsider your plans for the LeBron X Nike Plus, and join the National Urban League in our efforts to empower young people to value their own talents – athletic and otherwise – above empty status symbols, and work together for broader access to the economic mainstream. Sincerely yours, Marc H. Morial President and Chief Executive Officer
