Pine Hill (Central Florida) residents of Orlando are being educated on modification of loans by law students. The region has been badly battered by the foreclosure crisis. The students of Florida A & M University are coming to the rescue.

When Louvon Roberson sought modification from a local firm her house had not gone into foreclosure but she apprehended trouble while calculating her financial position. She was facing a knee surgery and was in urgent need of getting her mortgage payment lowered. Her disabled husband could not work. In her early fifties, Roberson was trying hard not to become delinquent and in her eagerness paid an agent for navigating her through the modification process $1,295 last August.

The money has been paid but the couple has yet to see the loan being modified; neither has the money been refunded. In all probability it was a case of rescue scam. Unfortunately the pair had no idea of being duped until legal students from FAMU came knocking. The school has joined hands with NeighborWorks America to help communities. The latter is a non-profit body that had been set up by the Congress. Other groups have also teamed up to rein in the scams related to loan modifications.

According to Loan Modification Scam Alert Florida has a good record as regards loan scams. To initiate the programme 50 volunteers knocked on doors in Pine Hills – the area with the most foreclosures in Central Florida. Over 1,300 units are in the pre-foreclosure stage.

This programme, the first of its kind, is essential for neighbourhoods like Pine Hills and Buenaventura Lakes of Osceola County. There are plans afoot to propagate the plan for the future. Counseling is offered free to those who are facing foreclosures and also scams commented Tom Stokes speaking on behalf of Federal Deposit Insurance Corporation. In all probability similar schemes will be kicked off in other legal schools across the country, depending on the success of this pilot project.

One of them benefiting from the programme is Silvestre Plasencia. In his mid forties he alleged that an agent peddled him a house that he bought five years previously but he was left in the dark about its ARM status. This caused his monthly commitments to spike dangerously. At the time of purchase he had to pay $750 but since then it has gone up to $1,051.

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