Leibowitz: Fraudulent loan modifiers are "shamless and opportunistic"

John Leibowitz, Chairman of the Federal Trade Commission, describes how the fraudulent loan modifying companies hurt homeowners as they steal money that could be put towards the actual mortgage payment. Also, Leibowitz discusses the tactics these companies use which involve the implementation of fake names and logos to deceive the struggling homeowner. (0:30)
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[Joanne Vondracek]

First I was tricked into a forbarance agreement by Option One, where they got a large sum of money up front and they double my payments. I was only 2 months late. Then I was told about a guy ( Terry L Whitington 111who owned a company named Eagle Crest, 3050 Citrus Circle Suite 225, Walnut Creek CA 94598 Phone # Cell 925-325-0755, who could modify my loan. I called him, he was very nice and caring and seems to know what he was talking about. He said he had a 100% success rate and he was sure he could help me. It would cost $2000.00 up front and $3000.00 after the deal was done. I was on my last payment of my forbarance agreement when terry told me he had talked to the bank and told me to only send in my regular payment. Option one would not except my payment and put me back in foreclosure and sold my house back to their self. When I called Terry he told me that I would have lost my home anyway, he know that because he had worked with Option One a while ago. I am a single mom and trying to get my home back. I still live in it. I am looking for help from any place I can get it. Can you help me?