Wednesday, June 3, 2009

Loan Modification Scams

Money Grabber by woodsy, image ID 1066491

Local news outlet Channel 3 posts a cautionary tale in a recent “3 On Your Side” segment. Local Valley family scammed out of $5,600 by so-called “Loan Modification Experts”, family still likely to lose their home to foreclosure.

Remember, loan modification “experts” should never ask you for an upfront fee of any kind. If they’re asking for cash upfront, they’re probably a scam.

The only people who can help you get a loan modification who can and do ask for upfront fees are attorneys. Even though they charge upfront fees all the time, I still recommend hiring an attorney when you attempt to modify a mortgage. You’re going to be stuck using the contract forms and loan forms your mortgage lender prefers and you’d better believe they’re going to use forms that favor their interests, not yours. Hire an attorney. I have several local real estate attorneys I know and trust; call or email me for a list.