Lender Loan Modification Scams
Lender Loan Modification Scams-First and foremost, when you are considering a Loan or Mortgage modification , beware of companies that advertise their ability to lower your rates, payments or principle balance for fee or commission. In fact the Federal Trade Commission states: "People facing foreclosure should avoid any company or individual that requires a fee in advance, guarantees to stop a foreclosure or modify a loan or advises the homeowner to sop paying the loan or mortgage company." Never pay upfront fees for this type of service!
So what else should you watch out for? You should watch out for companies that use words like "Federal" or Government" in their names but are NOT affiliated with the government.
Distressed homeowners that are looking for home foreclosure alternatives must also be cautious because not only is your pocket book on the line but so is the short time you have to avoid foreclosure. Fore example: You may find that even a ligitimate Loan or Mortgage Modification is not the right option for you because the new loan terms are still out of reach. If you want to avoid foreclosure you may find a short sale is your best option but time is ticking so you must get educated quickely!
In this video clip, Short Sale Specialist Luis Montejano & Stephen Munson of Munson Realty Southern California Real Estate-discuss Loan Modification Scams. They discuss what and who you should look out for to avoid Loan Modification Scams.
Learn More About your Home Foreclosure Alternatives.
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More than 1 in 7 homeowners are falling behind or are already behind on their mortgage and are searching for solutions. The search is frustrating and filled with a lot of bad information that is often fraudulent. If you or someone you know has found yourself in the position of being upside-down on their mortgage then you need these trustworthy facts.
In this article, veteran real estate and mortgage expert Todd Wetzelberger gives you the 11 questions you must ask a loan modification firm to know whether or not you are making the right decision.
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