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Depressing News Of The Day

As if the threat of losing your house was not bad enough, getting involved in a mortgage modification scam is a new low affecting some homeowners in Michigan. Scam artists are charging money in return for false promises of lowering debt or mortgage payment which is total bullshit because applying for HAMP (U.S. Home Affordable Modification Program) is free. According to RealtyTrac figures for the first 11 months of 2011, nearly 50,000 borrowers in Michigan -- and 756,407 nationwide -- received default notices. [Freep]