Protect Yourself From Loan Modification Scams
It is easier to get scammed by one of these companies than you think. One of the methods they use for scamming is called a Bait-and -switch. This happens when a company tells a person who maybe in debit to sign documents that will make existing documents current. Although hidden deeply in the fine print is actually words that transfer your homes title over to the scammer.
Another terrible scam companies will run is a rent-to-own. When this happens you sign over the title of your home to the company and move in as a renter with the understanding you will buy it back from the company through the rent paid. This is not what happens. When the company drew up the pages they drew it up knowing that they would never intend to give you your home back. They might also mark the rent up so high that you cannot pay it and you will eventually be evicted. The company will now own your home.
Fake counseling services are often very common; however, there are some clear red flags that will keep you from falling for this. This fake "service agency" will propose that they contact your lender and negotiate keeping your home. A huge red flag is that they will ask you not to tell anyone else about this or contact your lender; this will always come with a fee. Also the company will tell you to pay your mortgage through them and not the lender. Beware! They could be stealing your money and disappear after a while.
There are also a lot of fake government programs out there. Spotting these can be hard because even their website may look official. The trick to this scam is the "government program" will ask you for a fee up front in order to apply for your loan. Talk to your lender who will know if you eligible for a loan or not.
Questions and Answers
The combination of a complex service, desperation of those who need the service and a new, wide open market with little regulation leave the possibility for scammers to take advantage of a situation that can provide a quick score. The biggest issue for the victims of loan modification scams usually isn’t the money; it’s the ramifications of wasted time and missed payments that can lead to a foreclosure.
A Florida based company is found violating the Federal trade commissions rules on collecting up front fee's from distressed home owners and the telemarketing sales rules. Florida is one the hardest hit states with foreclosures and many loan modifications have sprung up over the past few years. Some of these companies have preyed on the struggling homeowner making promises that they would modify their mortgages.
Loan modification scams are now running rampant! That isn't surprising though, is it? Whenever there is some sort of disaster, financial or otherwise it seems as though all the scum starts to come to the surface.
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