Homeowners Lose Money After Relying On Nationwide Business Bureau Reviews, BBB Warns

Checking reviews of companies before we do business with them is usually a good idea - at least if the review site you're relying on is a reputable one, like the Better Business Bureau.

But not all reviews are created equal, as homeowners found out recently when they relied on reviews at a site called the Nationwide Business Bureau.

The homeowners told the BBB they had read positive reviews of several mortgage modification firms before agreeing to work with those firms. The BBB advises consumers to be wary of doing business with third party firms that promise to negotiate for home loan modifications for a fee. Advance fees for loan modifications are illegal.  In most cases, it's better to negotiate directly with your mortgage company on your own.

The consumers agreed to put down money - a red flag in itself - for assistance in reducing their mortgage payments. They never got any help, and their money was gone, leaving them worse off than they were before contacting the firms. Their losses ranged from about $2,500 to more than $8,000.

The firms the consumers contacted included NuVision Relief Center of St. Louis County and Unified Assistance Group of Grand Rapids, Mich., both rated "F" with the BBB, the lowest rating possible. A third firm, Integris Support Services of Scottsdale, Ariz., has apparently vanished and owes money to more than 50 homeowners nationwide.

The BBB found that many of the reviews on the Nationwide Business Bureau site were nearly identical.

The BBB has the following tips to help consumers recognize phony testimonials or reviews:

• Beware of testimonials that appear either too vague or 100 percent positive. Few businesses are perfect.
• If you are suspicious, do an online search for phrases contained in a testimonial to determine whether they have been lifted from another site.
• Watch for reviews that do not make sense.  For instance, one NBB review initially identifies the reviewer as being from Nebraska, but later claims he is from Virginia.