Mortgage Loan Modification Scam — Bogus "Payment Reduction Form 009-S"

Back in April we posted about an article CNBC’s Diana Olick wrote about a Homeowner Loan Modification Scam going around.

Well, it looks like similar scams are still going around. Here’s a comment we received earlier today on that original post:


We just took a quick look to see what google would have to say about the “Form 009-S Payment Reduction Notification” and there’s a nice link to an example bogus form from CLICK THIS LINK TO SEE AN EXAMPLE BOGUS LOAN MODIFICATION FORM.

[VIDEO] New Mega-Agent Secret System Revealed! Make Positive & Immediate Changes. No Illegal Cold Calling. No Begging for Referrals. No Gimmicks. Proven System Used By 1000’s of Agents Nationwide. FREE Step-by-Step Guide and Training Video. Notice: First 277 agents only, so hurry!. Watch Video and Download Free Books Now.


Let’s make sure as many folks as possible are aware of this Loan mod ploy and others like it. Here’s a “tell a friend” link you can use to forward this along to clients and Realtor friends…

SocialTwist Tell-a-Friend

Comments Closed

to “Mortgage Loan Modification Scam — Bogus "Payment Reduction Form 009-S"”

Read below or add a comment...

  1. Cindy Davis says:

    We just received one of these forms and they have gotten sneakier and more deceptive. I am assuming that they are using public records to look this stuff up but they listed our mortgage company and our total loan amount in the notification letter. Also, there is no disclaimer/small print saying anything about not being affiliated with the government. The pre-sorted postage mark says it is out of Sacramento, CA. Is there a way to bust these people for deceptive advertising and/or fraud?

    • Tim Harris says:

      posting here is a great start…this blog is read by 1000s every month…
      beyond that, you can turn them into the local AG.

      Thanks for sharing your experience.

  2. Sherry Santiago says:

    I recieved one of 009-S2 forms today in the mail and was curious about it it look so legal and this one is from out of Washington,DC. I am glas I decided to look it up. Yes I would like to get out of debt but not through this kind of scam. Thanks for putting this on the web so everyone can see.

  3. Mary Dellinger says:

    Thank you. When we got this in the mail – googled it – yours was the only site that came up for us letting us know it was a scam.

  4. TJ Roberts says:

    When will we know if tx credit is going to be extended for sure? the problem,I have is REO buyer wont have key in hand by Nov 30th

  5. L.Lines says:

    Thanks for the info, and for the posting. I too was suspicious when the front of the mailing stated that this was to the Property Owner on Record, which I indeed am not. I only opened it to make sure that it wasn’t a jury summons or something. I will be forwarding this to the AG, and am not expecting anything to happen, as these scammers move very quickly. How do these people sleep at night?

    Thanks again,
    L. Lines

  6. Marcus says:

    I received a letter like this today. Got suspicious about it. It doesn’t include any lenders on it, it also doesn’t mention the economic stimulus act dates and information. Another reason this seemed fishy, is that some of the boxes are blank with no letters (b.)
    Finally the debt amount is more than double of what I actually owe.

  7. Lisa says:

    I received a letter on 11/17/09, it arrived in a plan white envelope with no return address, no lenders to contact, etc. It sound pretty good. So the next day (11/19/09) I decided to call the 1-866 number and to my surprise the phone number was disconnected/out of service.


  8. D. Grant says:

    I received a notice today that is very similar to the one described above. They have changed the form to “009-E, Balance Reduction Notification”. What a bunch of scumbags, hope they can do something about it.

  9. PJ says:

    I just got off the phone with our Mortgage Servicer after receiving a letter from “, same as others have mentioned above. Called the toll free number asking where they are getting our personal information from and they hung up.

    Mortgage Servicer declares that they do not sell personal account information on mortgage holder’s, then where are these scam artists getting people’s specific information, loan amounts that are outlined on the letters?????

  10. Ken booe says:

    Then form I got today is 009-I what will they call it next.
    what a bunch of low life slugs slugs

  11. Camuri says:

    Help! I received a letter in the mail in a priority express letter envelope. It is not a form but it did say PAYMENT REDUCTION ELIGIBILITY NOTICE. It went on to say that my mortgage is not FHA insured and if I called a 1-866 number I could learn more. Well, I called and they explained how it all worked and it sounded good to me. They said if I had never been in default banks would show interest in getting my account and may offer it at a lower interest rate. The guy asked for my DOB and SS and said he would input my information and once he got the banks offers he would call me back. As soon as he hung up i googled this and now I am wishing i hadn’t given my info. What can I do to make sure this doesn’t ruin my credit/steal my identity?! HELP

  12. JB says:

    Just got one of these and the phone number listed is 800-598-1265 and it looks like it is from Bank of America.

    The notice type is 1008-S

    The guys who answer the phones are Leo and Bruce and others. Sounds like a boiler room operation.

    The fax number they give is 949-732-1908 which is located in Irvine California.

    The local phone number they give is 949-751-1164 which is in Irvine, CA

  13. AZ says:

    We just received one of these via mail. Looked official – had my mortgage lender’s name on it too. Read like it was coming from my mortage lender. I googled it and came upon this site. Upon further inspection, the form (at the bottom) reads:

    “This information was obtained through public records. We are not an affiliate of, nor endorsed by, nor associated with ‘mortgage lender name’ or any government agency.”


  14. Kuntesh says:

    @JB: I received a similar letter and it had Bank Of America’s name and a number to contact and said office is open till 7 pm. Called in at 6:30pm, and the lady on phone said, she works for the client service and the office is closed and its affiliated to Chase bank.


  15. ROGER says:

    OMG, I am so thankful for this information. same two leonardo and others told me not to pay my mortgage for 2-3 months. the fee is 2995.00 for their services. they want 1497.50 up front for their complicated work and negotiating with the bank on my behalf. they claim to have a 100 percent approval rate and hundreds people waiting in line for their services. they want all sorts of documents including a copy of my drivers license. Thanks to you all who have written about your experience, I now know what to do. Thanks again.

  16. John says:

    Is funny, but I just call my friend, he is an ex FBI agent, he will posted to FBI if is any real scam on this.